Vermont § 507 - § 8—507.
Full text of Vermont Vermont Statutes Online § 507 — § 8—507., with citation guidance and answers to common questions.
§ 507. § 8—507.
- Duty of securities intermediary to comply with entitlement order (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. (Added 1995, No. 92 (Adj. Sess.), § 1, eff. Jan. 1, 1997.)
Frequently Asked Questions About Vermont § 507
What does Vermont Statutes Online § 507 cover?
Section 507 ("§ 8—507.") is part of the Vermont Statutes Online, the codified statutory law of Vermont. 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 Vermont § 507?
A common citation format is "Vermont Statutes Online § 507" (Vermont). 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 Vermont law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Vermont official source linked on this page or consult a licensed Vermont attorney.
How does Vermont § 507 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Vermont 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 Vermont.