Section 554.8505 - Duty of securities intermediary with respect to payments and distributions1. 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; orb. 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.96 Acts, ch 1138, §52, 84
96 Acts, ch 1138, §52, 84Referred to in §554.8503, 554.8509