State Codes and Statutes
Statutes > Idaho > Title28 > T28ch8 > T28ch8pt5 > T28ch8sect28-8-505COMMERCIAL TRANSACTIONS
CHAPTER 8
INVESTMENT SECURITIES
PART 5.
SECURITY ENTITLEMENTS
28-8-505. 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.
