Section 8-1505 - 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 [1997, c. 429, Pt. B, §2(NEW).](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. [1997, c. 429, Pt. B, §2(NEW).] [1997, c. 429, Pt. B, §2(NEW).]
(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. [1997, c. 429, Pt. B, §2(NEW).]
1997, c. 429, §B2 (NEW) .