                                 CODE OF VIRGINIA

DUTY OF SECURITIES INTERMEDIARY WITH RESPECT TO PAYMENTS AND DISTRIBUTIONS (§
8.8A-505)

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.

HISTORY: 1996, c. 216.