104.8505 - Duty of securities intermediary with respect to payments and distributions. - Nevada Statutes

104.8505  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) It acts with respect to the duty as agreed upon by the entitlement holder and the securities intermediary; or

      (b) In the absence of agreement, it 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.

      (Added to NRS by 1997, 368)