§ 70A-8-505. Duty of securities intermediary with respect to payments and distributions.

Latest version.

(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.

Enacted by Chapter 204, 1996 General Session

                    
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