There is a newer version of the Wisconsin Statutes & Annotations
2010 Wisconsin Code
Chapter 408. Uniform commercial code--investment securities.
408.505 Duty of securities intermediary with respect to payments and distributions.
408.505
408.505 Duty of securities intermediary with respect to payments and distributions.408.505(1)
(1) 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:408.505(1)(a)
(a) The securities intermediary acts with respect to the duty as agreed upon by the entitlement holder and the securities intermediary; or408.505(1)(b)
(b) 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.408.505(2)
(2) 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.408.505 - ANNOT.
History: 1997 a. 297.Disclaimer: These codes may not be the most recent version. Wisconsin may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
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