47-8505. Duty of securities intermediary with respect to payments and distributions
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.
Section: Previous 47-8405 47-8406 47-8407 47-8501 47-8502 47-8503 47-8504 47-8505 47-8506 47-8507 47-8508 47-8509 47-8510 47-8511 47-9101 NextLast modified: October 13, 2016