Sec. 42a-8-505. Duty of securities intermediary with respect to payments and distributions. - Connecticut Statutes

      Sec. 42a-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.

      (P.A. 97-182, S. 45.)