2006 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.
History: 1995 c 194 art 1 s 45