{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2026\/code-json\/8.8A-505.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2026\/code-text\/8.8A-505.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2026\/code-xml\/8.8A-505.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2026\/code-html\/8.8A-505.html"}],"law_id":378346,"edition_id":2,"section_id":378346,"structure_id":53762,"section_number":"8.8A-505","catch_line":"Duty of securities intermediary with respect to payments and distributions","history":"1996, c. 216.","full_text":"a\n\nA 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:\n\n1\n\nthe securities intermediary acts with respect to the duty as agreed upon by the entitlement holder and the securities intermediary; or\n\n2\n\nin the absence of agreement, the securities intermediary exercises due care in accordance with reasonable commercial standards to attempt to obtain the payment or distribution.\n\nb\n\nA 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.\n\n","order_by":null,"text":{"0":{"id":1411718,"text":"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:","type":"section","prefixes":["a"],"prefix":"a","entire_prefix":"a","prefix_anchor":"a","level":1,"next_prefix":"a1"},"1":{"id":1411719,"text":"the securities intermediary acts with respect to the duty as agreed upon by the entitlement holder and the securities intermediary; or","type":"section","prefixes":["a","1"],"prefix":"1","entire_prefix":"a1","prefix_anchor":"a1","level":2,"prior_prefix":"a","next_prefix":"a2"},"2":{"id":1411720,"text":"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.","type":"section","prefixes":["a","2"],"prefix":"2","entire_prefix":"a2","prefix_anchor":"a2","level":2,"prior_prefix":"a1","next_prefix":"b"},"3":{"id":1411721,"text":"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.","type":"section","prefixes":["b"],"prefix":"b","entire_prefix":"b","prefix_anchor":"b","level":1,"prior_prefix":"a2"}},"ancestry":[{"id":53762,"edition_id":2,"name":"Security Entitlements","identifier":"5","label":"part","depth":2,"order_by":5,"parent_id":53757,"metadata":{"child_laws":11,"child_structures":0},"date_created":"2026-08-02 03:21:53","date_modified":"2026-08-02 12:28:36","permalink":{"id":1510783,"object_type":"structure","relational_id":53762,"identifier":"5","token":"8.8A\/5","url":"\/8.8A\/5\/","edition_id":2,"permalink":0,"preferred":1}},{"id":53757,"edition_id":2,"name":"Commercial Code \u2014 Investment Securities","identifier":"8.8A","label":"title","depth":1,"order_by":28,"parent_id":null,"metadata":{"child_laws":52,"child_structures":6},"date_created":"2026-08-02 03:21:46","date_modified":"2026-08-02 12:28:35","permalink":{"id":1510613,"object_type":"structure","relational_id":53757,"identifier":"8.8A","token":"8.8A","url":"\/8.8A\/","edition_id":2,"permalink":0,"preferred":1}}],"structure_contents":[{"id":378342,"structure_id":53762,"section_number":"8.8A-501","catch_line":"Securities account; acquisition of security entitlement from securities intermediary","url":"\/8.8A-501\/","token":"8.8A\/5\/8.8A-501","metadata":false},{"id":378343,"structure_id":53762,"section_number":"8.8A-502","catch_line":"Assertion of adverse claim against entitlement holder","url":"\/8.8A-502\/","token":"8.8A\/5\/8.8A-502","metadata":false},{"id":378344,"structure_id":53762,"section_number":"8.8A-503","catch_line":"Property interest of entitlement holder in financial asset held by securities intermediary","url":"\/8.8A-503\/","token":"8.8A\/5\/8.8A-503","metadata":false},{"id":378345,"structure_id":53762,"section_number":"8.8A-504","catch_line":"Duty of securities intermediary to maintain financial asset","url":"\/8.8A-504\/","token":"8.8A\/5\/8.8A-504","metadata":false},{"id":378346,"structure_id":53762,"section_number":"8.8A-505","catch_line":"Duty of securities intermediary with respect to payments and distributions","url":"\/8.8A-505\/","token":"8.8A\/5\/8.8A-505","metadata":false},{"id":378347,"structure_id":53762,"section_number":"8.8A-506","catch_line":"Duty of securities intermediary to exercise rights as directed by entitlement holder","url":"\/8.8A-506\/","token":"8.8A\/5\/8.8A-506","metadata":{"court_decisions":""}},{"id":378348,"structure_id":53762,"section_number":"8.8A-507","catch_line":"Duty of securities intermediary to comply with entitlement order","url":"\/8.8A-507\/","token":"8.8A\/5\/8.8A-507","metadata":{"court_decisions":""}},{"id":378349,"structure_id":53762,"section_number":"8.8A-508","catch_line":"Duty of securities intermediary to change entitlement holder's position to other form of security holding","url":"\/8.8A-508\/","token":"8.8A\/5\/8.8A-508","metadata":false},{"id":378350,"structure_id":53762,"section_number":"8.8A-509","catch_line":"Specification of duties of securities intermediary by other statute or regulation; manner of performance of duties of securities intermediary and exercise of rights of entitlement holder","url":"\/8.8A-509\/","token":"8.8A\/5\/8.8A-509","metadata":false},{"id":378351,"structure_id":53762,"section_number":"8.8A-510","catch_line":"Rights of purchaser of security entitlement from entitlement holder","url":"\/8.8A-510\/","token":"8.8A\/5\/8.8A-510","metadata":false},{"id":378352,"structure_id":53762,"section_number":"8.8A-511","catch_line":"Priority among security interests and entitlement holders","url":"\/8.8A-511\/","token":"8.8A\/5\/8.8A-511","metadata":false}],"previous_section":{"id":378345,"structure_id":53762,"section_number":"8.8A-504","catch_line":"Duty of securities intermediary to maintain financial asset","url":"\/8.8A-504\/","token":"8.8A\/5\/8.8A-504","metadata":false},"next_section":{"id":378347,"structure_id":53762,"section_number":"8.8A-506","catch_line":"Duty of securities intermediary to exercise rights as directed by entitlement holder","url":"\/8.8A-506\/","token":"8.8A\/5\/8.8A-506","metadata":{"court_decisions":""}},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/8.8A-505\/","history_text":"

This law was first created in 1996. The record of its establishment is cataloged in chapter 216<\/a> of that year\u2019s edition of \u201cActs of Assembly,\u201d the annual state publication listing all changes made to the Code of Virginia in that year.<\/p>","references":[{"id":378344,"section_number":"8.8A-503","catch_line":"Property interest of entitlement holder in financial asset held by securities intermediary","order_by":null,"url":"\/8.8A-503\/"}],"refers_to":false,"permalink":{"id":1510801,"object_type":"law","relational_id":378346,"identifier":"8.8A-505","token":"8.8A\/5\/8.8A-505","url":"\/8.8A-505\/","edition_id":2,"permalink":0,"preferred":1},"url":"\/8.8A-505\/","token":"8.8A\/5\/8.8A-505","dublin_core":{"Title":"Duty of securities intermediary with respect to payments and distributions","Type":"Text","Format":"text\/html","Identifier":"\u00a7 8.8A-505","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

a.<\/span> 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: <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

1.<\/span> the securities intermediary acts with respect to the duty as agreed upon by the entitlement holder and the securities intermediary; or <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

2.<\/span> 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. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

b.<\/span> 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. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nDUTY OF SECURITIES INTERMEDIARY WITH RESPECT TO PAYMENTS AND DISTRIBUTIONS (\u00a7\n8.8A-505)\n\na. A securities intermediary shall take action to obtain a payment or\ndistribution made by the issuer of a financial asset. A securities intermediary\nsatisfies the duty if:\n\n 1. the securities intermediary acts with respect to the duty as agreed upon by\n the entitlement holder and the securities intermediary; or\n\n 2. in the absence of agreement, the securities intermediary exercises due care\n in accordance with reasonable commercial standards to attempt to obtain the\n payment or distribution.\n\nb. A securities intermediary is obligated to its entitlement holder for a\npayment or distribution made by the issuer of a financial asset if the payment\nor distribution is received by the securities intermediary.\n\nHISTORY: 1996, c. 216.","edition":{"id":2,"name":"2026","slug":"2026","date_created":"2026-07-16 18:40:23","date_modified":"2026-08-02 15:14:36","current":1,"order_by":2,"last_import":"2026-08-02 12:37:30"}}