Section 8.505 - 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 on 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.Tex. Bus. and Comm. Code § 8.505
Added by Acts 1995, 74th Leg., ch. 962, Sec. 1, eff. 9/1/1995.