Duty of securities intermediary with respect to payments and distributions.

Del. Code tit. 6, § 8-505
in effect
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(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.
Source: DE Code (Official Site)URL: https://delcode.delaware.gov/title6/c008/sc05/index.htmlFetched: 10/4/2026

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