Maryland Statutes
Subtitle 5 - Security Entitlements
Section 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.

Structure Maryland Statutes