§25‑8‑505.  Duty of securities intermediary with respect to paymentsand distributions.

(a) A securitiesintermediary shall take action to obtain a payment or distribution made by theissuer of a financial asset. A securities intermediary satisfies the duty if:

(1) The securitiesintermediary acts with respect to the duty as agreed upon by the entitlementholder and the securities intermediary; or

(2) In the absence ofagreement, the securities intermediary exercises due care in accordance withreasonable commercial standards to attempt to obtain the payment ordistribution.

(b) A securitiesintermediary is obligated to its entitlement holder for a payment ordistribution made by the issuer of a financial asset if the payment ordistribution is received by the securities intermediary. (1997‑181,s. 1.)