554.8505  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.  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.
96 Acts, ch 1138, §52, 84