§ 57a-8-505

57A-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. Source: SL 1998, ch 284, §1.