RCW 62A.8-505: Duty of securities intermediary with respect to payments and distributions.

RCWs > Title 62A > Chapter 62A.8 > Section 62A.8-505

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62A.8-504 << 62A.8-505 >> 62A.8-506

PDFRCW 62A.8-505

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.

[ 1995 c 48 § 45.]

NOTES:

Effective date—1995 c 48: See RCW 62A.11-113.