Section 11-8-505. 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.

Code 1981, § 11-8-505, enacted by Ga. L. 1998, p. 1323, § 1.