678.5051 Duty of securities intermediary with respect to payments and distributions. - Florida Statutes

678.5051 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.

History. s. 5, ch. 98-11.