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Duty of securities intermediary with respect to payments and distributions.

Utah Code § 70A-8-505
in effect
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70A-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. Enacted by Chapter 204, 1996 General Session
Source: Utah Office of Legislative Research and General Counsel (le.utah.gov)URL: https://le.utah.gov/xcode/Title70A/Chapter8/70A-8-S505.html?v=C70A-8-S505_1800010118000101Fetched: 10/26/2026

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