NRS 104.8505
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)

It acts with respect to the duty as agreed upon by the entitlement holder and the securities intermediary; or

(b)

In the absence of agreement, it 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.

Source: Section 104.8505 — Duty of securities intermediary with respect to payments and distributions., https://www.­leg.­state.­nv.­us/NRS/NRS-104.­html#NRS104Sec8505.

Last Updated

Feb. 5, 2021

§ 104.8505’s source at nv​.us