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The Florida Statutes

The 2018 Florida Statutes

Title XXXIX
COMMERCIAL RELATIONS
Chapter 678
UNIFORM COMMERCIAL CODE: INVESTMENT SECURITIES
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F.S. 678.5051
678.5051 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.
History.s. 5, ch. 98-11.