There is a newer version of the Kentucky Revised Statutes
2009 Kentucky Revised Statutes
Article 8 Investment Securities
355.8.505 Duty of securities intermediary with respect to payments and distributions.
Download pdf(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. Effective: January 1, 1997
History: Created 1996 Ky. Acts ch. 130, sec. 158, effective January 1, 1997.
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