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 Oklahoma Statutes (Last Updated: September 18, 2014)
 Title 12A. UNIFORM COMMERCIAL CODE

  § 12A-8-505. Duty of Securities Intermediary with Respect to Payments and Distributions.  

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  • 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.

Added by Laws 1995, c. 242, § 45, eff. Feb. 1, 1996.