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California Commercial Code

§ 8505

COM § 8505 Effective Jan 1, 1997Div. 8 · Ch. 5

Statute text

View on leginfo.ca.gov
(a)A securities intermediary shall take action to obtain a payment or distribution made by the issuer of a financial asset. A securities intermediary satisfies the duty if it does either of the following:
(1)The securities intermediary acts with respect to the duty as agreed upon by the entitlement holder and the securities intermediary.
(2)In the absence of agreement, the securities intermediary exercises due care in accordance with reasonable commercial standards to attempt to obtain the payment or distribution.
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Legislative history

Added by Stats. 1996, Ch. 497, Sec. 9. Effective January 1, 1997.

Source: California Commercial Code § 8505 from the California Legislative Information (public record). DecisionDepot is for informational use only and is not legal advice — verify against the official source before relying on this text.