- Alaska Statutes.
- Title 45. Trade and Commerce
- Chapter 8. Investment Securities
- Section 505. Duty of Securities Intermediary With Respect to Payments and Distributions.
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. Duty of Securities Intermediary to Maintain Financial Asset.
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. Duty of Securities Intermediary to Exercise Rights as Directed By Entitlement Holder.
AS 45.08.505. 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
- (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 the securities intermediary's 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
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