One Click Case Law for § 11-8-505
O.C.G.A. § 11-8-504 <-- --> O.C.G.A. §11-8-506

2010 Georgia Code

TITLE 11 - COMMERCIAL CODE
ARTICLE 8 - INVESTMENT SECURITIES
PART 5 - SECURITY ENTITLEMENTS
§ 11-8-505 - Duty of securities intermediary with respect to payments and distributions

O.C.G.A. 11-8-505 (2010)
11-8-505. 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.