678.5051 Duty of securities intermediary with respect to payments and distributions.—
(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:
(a) The securities intermediary acts with respect to the duty as agreed upon by the entitlement holder and the securities intermediary; or
(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.
(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.
History.—s. 5, ch. 98-11.
Section: Previous 678.5011 678.5021 678.5031 678.5041 678.5051 678.5061 678.5071 678.5081 678.5091 678.5101 678.5111 NextLast modified: September 23, 2016