Virginia § 8.8A-505 - Duty of securities intermediary with respect to payments and distributions
Full text of Virginia Code of Virginia § 8.8A-505 — Duty of securities intermediary with respect to payments and distributions, with citation guidance and answers to common questions.
§ 8.8A-505. 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.
1996, c. 216.
Source: official Virginia text · Last verified 2026-08-27
Frequently Asked Questions About Virginia § 8.8A-505
What does Code of Virginia § 8.8A-505 cover?
Section 8.8A-505 ("Duty of securities intermediary with respect to payments and distributions") is part of the Code of Virginia, the codified statutory law of Virginia. 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 Virginia § 8.8A-505?
A common citation format is "Code of Virginia § 8.8A-505" (Virginia). 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 Virginia law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Virginia official source linked on this page or consult a licensed Virginia attorney.
How does Virginia § 8.8A-505 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Virginia 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 Virginia.