2006 New York Code - Duty Of Securities Intermediary With Respect To Payments And Distributions.

 
  Section 8--505. Duty of Securities Intermediary with respect to Payments
                    and Distributions.
    (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.