(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.
History.—s. 5, ch. 98-11.
Structure Florida Statutes
Title XXXIX - Commercial Relations
Chapter 678 - Uniform Commercial Code: Investment Securities
Part V - Security Entitlements (Ss. 678.5011-678.5111)
678.5011 - Securities account; acquisition of security entitlement from securities intermediary.
678.5021 - Assertion of adverse claim against entitlement holder.
678.5041 - Duty of securities intermediary to maintain financial asset.
678.5051 - Duty of securities intermediary with respect to payments and distributions.
678.5061 - Duty of securities intermediary to exercise rights as directed by entitlement holder.
678.5071 - Duty of securities intermediary to comply with entitlement order.
678.5101 - Rights of purchaser of security entitlement from entitlement holder.
678.5111 - Priority among security interests and entitlement holders.