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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.
Cite this article: FindLaw.com - North Dakota Century Code Title 41. Uniform Commercial Code § 41-08-45. (8-505) Duty of securities intermediary with respect to payments and distributions - last updated January 01, 2020 | https://codes.findlaw.com/nd/title-41-uniform-commercial-code/nd-cent-code-sect-41-08-45/
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