554.8505 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 ordistribution. 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 receivedby the securities intermediary. 96 Acts, ch 1138, §52, 84Referred to in §554.8503, 554.8509 Sat Dec 23 01:58:46 2023 Iowa Code 2024, Section 554.8505 (24, 0)
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