1. (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. (1) The securities intermediary acts with respect to the duty as agreed upon by the entitlement holder and the securities intermediary; or
   2. (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.
2. (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.

Added by Acts 1996, c. 92, § 2, eff. Oct. 1, 1996.