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Duty of securities intermediary with respect to payments and distributions.

Neb. U.C.C. § 8-505
in effect
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UCC 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. Laws 1995, LB 97, § 49.
Source: Nebraska Legislature (nebraskalegislature.gov)URL: https://nebraskalegislature.gov/laws/ucc.php?code=8-505Fetched: 10/20/2026

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