- 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:
- The securities intermediary acts with respect to the duty as agreed upon by the entitlement holder and the securities intermediary; or
- 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.
- 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.
History. Code 1981, § 11-8-505 , enacted by Ga. L. 1998, p. 1323, § 1.