2003 Minnesota Statutes

     336.8-505 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.  

    HIST: 1995 c 194 art 1 s 45