§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]