Idaho Statutes

Idaho Statutes are updated to the web July 1 following the legislative session.

pecnv.out

TITLE 28
COMMERCIAL TRANSACTIONS
CHAPTER 8
INVESTMENT SECURITIES
PART 5.
SECURITY ENTITLEMENTS
28-8-505.  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.

History:
[28-8-505, added 1995, ch. 272, sec. 2, p. 897.]


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