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MICHIGAN STATUTES AND CODES
Section 440.8505 - Obtaining payment or distribution made by issuer of financial asset; duties and obligations of securities intermediary.
Act 174 of 1962
440.8505 Obtaining payment or distribution made by issuer of financial asset; duties and obligations of securities intermediary.
Sec. 8505.
(1) A securities intermediary shall take action to obtain a payment or distribution made by the issuer of a financial asset. This duty is satisfied if the securities intermediary does either of the following:
(a) Acts with respect to the duty as agreed upon by the entitlement holder and the securities intermediary.
(b) In the absence of agreement, exercise 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: Add. 1998, Act 278, Imd. Eff. July 27, 1998