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§ 8-505. Duty of Securities Intermediary with Respect to Payments and Distributions

Oklahoma Statutes AnnotatedTitle 12A. Commercial Code

Oklahoma Statutes Annotated
Title 12a. Commercial Code (Refs & Annos)
Article 8. Investment Securities (Refs & Annos)
Part 5. Security Entitlements
12A Okl.St.Ann. § 8-505
§ 8-505. Duty of Securities Intermediary with Respect to Payments and Distributions
Currentness
Duty of Securities Intermediary with Respect to Payments and Distributions.
(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:
(1) the securities intermediary acts with respect to the duty as agreed upon by the entitlement holder and the securities intermediary; or
(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.
(b) A securities intermediary is obligated to its entitlement holder for a payment or distribution made by the issuer of a financial asset if the payment or distribution is received by the securities intermediary.

Credits

Laws 1995, c. 242, § 45, eff. Feb. 1, 1996.
12A Okl. St. Ann. § 8-505, OK ST T. 12A § 8-505
Current with emergency effective legislation through Chapter 257 of the Second Regular Session of the 59th Legislature (2024). Some sections may be more current, see credits for details.
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