(8-505) Duty of securities intermediary with respect to payments and distributions

N.D. Cent. Code § 41-08-45
in effect
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41-08-45. (8-505) 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.
Source: Open US Law by Vaquill AI (CC BY 4.0)URL: https://ndlegis.gov/cencode/t41c08.pdf#nameddest=41-08-45Fetched: 10/16/2026

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