(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.
Effective Date: 01-01-1998
Section: Previous 1308.41 1308.42 1308.43-1308.44 1308.51 1308.52 1308.53 1308.54 1308.55 1308.56 1308.57 1308.58 1308.59 1308.60 1308.61 NextLast modified: October 10, 2016