Duty of securities intermediary with respect to payments and distributions.
F.S. 678.5051
in effect(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: FL Statutes (Official Site)URL: https://www.flsenate.gov/Laws/Statutes/2025/Chapter678/AllFetched: 7/8/2026