New York Laws
Part 4 - Registration
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 New York Laws