Statute: 678.5051 : Duty of securities intermediary with respect to payments and distributions.—
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TITLE XXXIX : COMMERCIAL RELATIONS
PART V : SECURITY ENTITLEMENTS
678.5051 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 (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.
