§25-8-505. Duty of securities intermediary with respect to payments and distributions

Latest version.

(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.

(1997-181, s. 1.)

                    
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