☰ Revisor of Missouri

Title XXVI TRADE AND COMMERCE

Chapter 400

< > Effective - 28 Aug 1997    bottom

  400.8-505.  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.

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(L. 1997 S.B. 6)


---- end of effective  28 Aug 1997 ----

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