Michigan § 440.8505 - Obtaining payment or distribution made by issuer of financial asset; duties and obligations of securities intermediary.
Full text of Michigan Michigan Compiled Laws § 440.8505 — Obtaining payment or distribution made by issuer of financial asset; duties and obligations of securities intermediary., with citation guidance and answers to common questions.
§ 440.8505. Obtaining payment or distribution made by issuer of financial asset; duties and obligations of securities intermediary.
A securities intermediary shall take action to obtain a payment or distribution made by the issuer of a financial asset. This duty is satisfied if the securities intermediary does either of the following:
Acts with respect to the duty as agreed upon by the entitlement holder and the securities intermediary.
In the absence of agreement, exercise due care in accordance with reasonable commercial standards to attempt to obtain the payment or distribution.
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.
Source: official Michigan text · Last verified 2026-08-27
Frequently Asked Questions About Michigan § 440.8505
What does Michigan Compiled Laws § 440.8505 cover?
Section 440.8505 ("Obtaining payment or distribution made by issuer of financial asset; duties and obligations of securities intermediary.") is part of the Michigan Compiled Laws, the codified statutory law of Michigan. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Michigan § 440.8505?
A common citation format is "Michigan Compiled Laws § 440.8505" (Michigan). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Michigan law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Michigan official source linked on this page or consult a licensed Michigan attorney.
How does Michigan § 440.8505 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Michigan can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Michigan.