{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2026\/code-json\/8.8A-509.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2026\/code-text\/8.8A-509.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2026\/code-xml\/8.8A-509.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2026\/code-html\/8.8A-509.html"}],"law_id":378350,"edition_id":2,"section_id":378350,"structure_id":53762,"section_number":"8.8A-509","catch_line":"Specification of duties of securities intermediary by other statute or regulation; manner of performance of duties of securities intermediary and exercise of rights of entitlement holder","history":"1996, c. 216.","full_text":"a\n\nIf the substance of a duty imposed upon a securities intermediary by §§ 8.8A-504 through 8.8A-508 is the subject of other statute, regulation, or rule, compliance with that statute, regulation, or rule satisfies the duty.\n\nb\n\nTo the extent that specific standards for the performance of the duties of a securities intermediary or the exercise of the rights of an entitlement holder are not specified by other statute, regulation, or rule or by agreement between the securities intermediary and entitlement holder, the securities intermediary shall perform its duties and the entitlement holder shall exercise its rights in a commercially reasonable manner.\n\nc\n\nThe obligation of a securities intermediary to perform the duties imposed by \u00a7\u00a7 8.8A-504 through 8.8A-508 is subject to:\n\n1\n\nrights of the securities intermediary arising out of a security interest under a security agreement with the entitlement holder or otherwise; and\n\n2\n\nrights of the securities intermediary under other law, regulation, rule, or agreement to withhold performance of its duties as a result of unfulfilled obligations of the entitlement holder to the securities intermediary.\n\nd\n\nSections 8.8A-504 through 8.8A-508 do not require a securities intermediary to take any action that is prohibited by other statute, regulation, or rule.\n\n","order_by":null,"text":{"0":{"id":1411732,"text":"If the substance of a duty imposed upon a securities intermediary by §§ 8.8A-504 through 8.8A-508 is the subject of other statute, regulation, or rule, compliance with that statute, regulation, or rule satisfies the duty.","type":"section","prefixes":["a"],"prefix":"a","entire_prefix":"a","prefix_anchor":"a","level":1,"next_prefix":"b"},"1":{"id":1411733,"text":"To the extent that specific standards for the performance of the duties of a securities intermediary or the exercise of the rights of an entitlement holder are not specified by other statute, regulation, or rule or by agreement between the securities intermediary and entitlement holder, the securities intermediary shall perform its duties and the entitlement holder shall exercise its rights in a commercially reasonable manner.","type":"section","prefixes":["b"],"prefix":"b","entire_prefix":"b","prefix_anchor":"b","level":1,"prior_prefix":"a","next_prefix":"c"},"2":{"id":1411734,"text":"The obligation of a securities intermediary to perform the duties imposed by \u00a7\u00a7 8.8A-504 through 8.8A-508 is subject to:","type":"section","prefixes":["c"],"prefix":"c","entire_prefix":"c","prefix_anchor":"c","level":1,"prior_prefix":"b","next_prefix":"c1"},"3":{"id":1411735,"text":"rights of the securities intermediary arising out of a security interest under a security agreement with the entitlement holder or otherwise; and","type":"section","prefixes":["c","1"],"prefix":"1","entire_prefix":"c1","prefix_anchor":"c1","level":2,"prior_prefix":"c","next_prefix":"c2"},"4":{"id":1411736,"text":"rights of the securities intermediary under other law, regulation, rule, or agreement to withhold performance of its duties as a result of unfulfilled obligations of the entitlement holder to the securities intermediary.","type":"section","prefixes":["c","2"],"prefix":"2","entire_prefix":"c2","prefix_anchor":"c2","level":2,"prior_prefix":"c1","next_prefix":"d"},"5":{"id":1411737,"text":"Sections 8.8A-504 through 8.8A-508 do not require a securities intermediary to take any action that is prohibited by other statute, regulation, or rule.","type":"section","prefixes":["d"],"prefix":"d","entire_prefix":"d","prefix_anchor":"d","level":1,"prior_prefix":"c2"}},"ancestry":[{"id":53762,"edition_id":2,"name":"Security Entitlements","identifier":"5","label":"part","depth":2,"order_by":5,"parent_id":53757,"metadata":{"child_laws":11,"child_structures":0},"date_created":"2026-08-02 03:21:53","date_modified":"2026-08-02 12:28:36","permalink":{"id":1510783,"object_type":"structure","relational_id":53762,"identifier":"5","token":"8.8A\/5","url":"\/8.8A\/5\/","edition_id":2,"permalink":0,"preferred":1}},{"id":53757,"edition_id":2,"name":"Commercial Code \u2014 Investment Securities","identifier":"8.8A","label":"title","depth":1,"order_by":28,"parent_id":null,"metadata":{"child_laws":52,"child_structures":6},"date_created":"2026-08-02 03:21:46","date_modified":"2026-08-02 12:28:35","permalink":{"id":1510613,"object_type":"structure","relational_id":53757,"identifier":"8.8A","token":"8.8A","url":"\/8.8A\/","edition_id":2,"permalink":0,"preferred":1}}],"structure_contents":[{"id":378342,"structure_id":53762,"section_number":"8.8A-501","catch_line":"Securities account; acquisition of security entitlement from securities intermediary","url":"\/8.8A-501\/","token":"8.8A\/5\/8.8A-501","metadata":false},{"id":378343,"structure_id":53762,"section_number":"8.8A-502","catch_line":"Assertion of adverse claim against entitlement holder","url":"\/8.8A-502\/","token":"8.8A\/5\/8.8A-502","metadata":false},{"id":378344,"structure_id":53762,"section_number":"8.8A-503","catch_line":"Property interest of entitlement holder in financial asset held by securities intermediary","url":"\/8.8A-503\/","token":"8.8A\/5\/8.8A-503","metadata":false},{"id":378345,"structure_id":53762,"section_number":"8.8A-504","catch_line":"Duty of securities intermediary to maintain financial asset","url":"\/8.8A-504\/","token":"8.8A\/5\/8.8A-504","metadata":false},{"id":378346,"structure_id":53762,"section_number":"8.8A-505","catch_line":"Duty of securities intermediary with respect to payments and distributions","url":"\/8.8A-505\/","token":"8.8A\/5\/8.8A-505","metadata":false},{"id":378347,"structure_id":53762,"section_number":"8.8A-506","catch_line":"Duty of securities intermediary to exercise rights as directed by entitlement holder","url":"\/8.8A-506\/","token":"8.8A\/5\/8.8A-506","metadata":{"court_decisions":""}},{"id":378348,"structure_id":53762,"section_number":"8.8A-507","catch_line":"Duty of securities intermediary to comply with entitlement order","url":"\/8.8A-507\/","token":"8.8A\/5\/8.8A-507","metadata":{"court_decisions":""}},{"id":378349,"structure_id":53762,"section_number":"8.8A-508","catch_line":"Duty of securities intermediary to change entitlement holder's position to other form of security holding","url":"\/8.8A-508\/","token":"8.8A\/5\/8.8A-508","metadata":false},{"id":378350,"structure_id":53762,"section_number":"8.8A-509","catch_line":"Specification of duties of securities intermediary by other statute or regulation; manner of performance of duties of securities intermediary and exercise of rights of entitlement holder","url":"\/8.8A-509\/","token":"8.8A\/5\/8.8A-509","metadata":false},{"id":378351,"structure_id":53762,"section_number":"8.8A-510","catch_line":"Rights of purchaser of security entitlement from entitlement holder","url":"\/8.8A-510\/","token":"8.8A\/5\/8.8A-510","metadata":false},{"id":378352,"structure_id":53762,"section_number":"8.8A-511","catch_line":"Priority among security interests and entitlement holders","url":"\/8.8A-511\/","token":"8.8A\/5\/8.8A-511","metadata":false}],"previous_section":{"id":378349,"structure_id":53762,"section_number":"8.8A-508","catch_line":"Duty of securities intermediary to change entitlement holder's position to other form of security holding","url":"\/8.8A-508\/","token":"8.8A\/5\/8.8A-508","metadata":false},"next_section":{"id":378351,"structure_id":53762,"section_number":"8.8A-510","catch_line":"Rights of purchaser of security entitlement from entitlement holder","url":"\/8.8A-510\/","token":"8.8A\/5\/8.8A-510","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/8.8A-509\/","history_text":"

This law was first created in 1996. The record of its establishment is cataloged in chapter 216<\/a> of that year\u2019s edition of \u201cActs of Assembly,\u201d the annual state publication listing all changes made to the Code of Virginia in that year.<\/p>","references":false,"refers_to":[{"id":378345,"section_number":"8.8A-504","catch_line":"Duty of securities intermediary to maintain financial asset","order_by":null,"url":"\/8.8A-504\/"},{"id":378349,"section_number":"8.8A-508","catch_line":"Duty of securities intermediary to change entitlement holder's position to other form of security holding","order_by":null,"url":"\/8.8A-508\/"}],"permalink":{"id":1510817,"object_type":"law","relational_id":378350,"identifier":"8.8A-509","token":"8.8A\/5\/8.8A-509","url":"\/8.8A-509\/","edition_id":2,"permalink":0,"preferred":1},"url":"\/8.8A-509\/","token":"8.8A\/5\/8.8A-509","dublin_core":{"Title":"Specification of duties of securities intermediary by other statute or regulation; manner of performance of duties of securities intermediary and exercise of rights of entitlement holder","Type":"Text","Format":"text\/html","Identifier":"\u00a7 8.8A-509","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

a.<\/span> If the substance of a duty imposed upon a securities intermediary by §§ 8.8A-504<\/a> through 8.8A-508<\/a> is the subject of other statute<\/span>, regulation, or rule, compliance with that statute<\/span>, regulation, or rule satisfies the duty. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

b.<\/span> To the extent that specific standards for the performance of the duties of a securities intermediary or the exercise of the rights of an entitlement holder are not specified by other statute<\/span>, regulation, or rule or by agreement between the securities intermediary and entitlement holder, the securities intermediary shall perform its duties and the entitlement holder shall exercise its rights in a commercially reasonable manner. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

c.<\/span> The obligation of a securities intermediary to perform the duties imposed by \u00a7\u00a7 8.8A-504<\/a> through 8.8A-508<\/a> is subject to: <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

1.<\/span> rights of the securities intermediary arising out of a security interest under a security agreement with the entitlement holder or otherwise; and <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

2.<\/span> rights of the securities intermediary under other law<\/span>, regulation, rule, or agreement to withhold performance of its duties as a result of unfulfilled obligations of the entitlement holder to the securities intermediary. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

d.<\/span> Sections 8.8A-504<\/a> through 8.8A-508<\/a> do not require a securities intermediary to take any action that is prohibited by other statute<\/span>, regulation, or rule. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nSPECIFICATION OF DUTIES OF SECURITIES INTERMEDIARY BY OTHER STATUTE OR\nREGULATION; MANNER OF PERFORMANCE OF DUTIES OF SECURITIES INTERMEDIARY AND\nEXERCISE OF RIGHTS OF ENTITLEMENT HOLDER (\u00a7 8.8A-509)\n\na. If the substance of a duty imposed upon a securities intermediary by\n§§ 8.8A-504 through 8.8A-508 is the subject of other statute,\nregulation, or rule, compliance with that statute, regulation, or rule satisfies\nthe duty.\n\nb. To the extent that specific standards for the performance of the duties of a\nsecurities intermediary or the exercise of the rights of an entitlement holder\nare not specified by other statute, regulation, or rule or by agreement between\nthe securities intermediary and entitlement holder, the securities intermediary\nshall perform its duties and the entitlement holder shall exercise its rights in\na commercially reasonable manner.\n\nc. The obligation of a securities intermediary to perform the duties imposed by\n\u00a7\u00a7 8.8A-504 through 8.8A-508 is subject to:\n\n 1. rights of the securities intermediary arising out of a security interest\n under a security agreement with the entitlement holder or otherwise; and\n\n 2. rights of the securities intermediary under other law, regulation, rule, or\n agreement to withhold performance of its duties as a result of unfulfilled\n obligations of the entitlement holder to the securities intermediary.\n\nd. Sections 8.8A-504 through 8.8A-508 do not require a securities intermediary\nto take any action that is prohibited by other statute, regulation, or rule.\n\nHISTORY: 1996, c. 216.","edition":{"id":2,"name":"2026","slug":"2026","date_created":"2026-07-16 18:40:23","date_modified":"2026-08-02 15:14:36","current":1,"order_by":2,"last_import":"2026-08-02 12:37:30"}}