§490:8-505  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 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. [L 1997, c 33, pt of §2]