New Jersey § 12a:8-507
Full text of New Jersey New Jersey Statutes § 12a:8-507, with citation guidance and answers to common questions.
§ 12a:8-507.
a. A securities intermediary shall comply with an entitlement order if the entitlement
order is originated by the appropriate person, the securities intermediary has had
reasonable opportunity to assure itself that the entitlement order is genuine and
authorized, and the securities intermediary has had reasonable opportunity to comply
with the entitlement order. 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 comply with the entitlement order. b. If a securities intermediary transfers a financial asset pursuant to an ineffective
entitlement order, the securities intermediary shall reestablish a security entitlement
in favor of the person entitled to it, and pay or credit any payments or distributions
that the person did not receive as a result of the wrongful transfer. If the securities intermediary does not reestablish a security entitlement, the
securities intermediary is liable to the entitlement holder for damages.
Frequently Asked Questions About New Jersey § 12a:8-507
What does New Jersey Statutes § 12a:8-507 cover?
Section 12a:8-507 is part of the New Jersey Statutes, the codified statutory law of New Jersey. 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 New Jersey § 12a:8-507?
A common citation format is "New Jersey Statutes § 12a:8-507" (New Jersey). 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 New Jersey law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the New Jersey official source linked on this page or consult a licensed New Jersey attorney.
How does New Jersey § 12a:8-507 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in New Jersey 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 New Jersey.