Tenn. Code § 47-8-505

Current through Acts 2023-2024, ch. 1003
Section 47-8-505 - 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.

T.C.A. § 47-8-505

Acts 1997, ch. 79, § 1.