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The Legislative Service Commission staff updates the Revised Code on an ongoing basis, as it completes its act review of enacted legislation. Updates may be slower during some times of the year, depending on the volume of enacted legislation.

Section 1308.55 | Duty of securities intermediary with respect to payments and distributions - UCC 8-505.

Ohio Revised Code
/
Title 13 Commercial Transactions
/
Chapter 1308 Investment Securities
 
Effective:
January 1, 1998
Latest Legislation:
House Bill 170 - 122nd General Assembly
PDF:
Download Authenticated PDF
 

(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.

Available Versions of this Section