<?xml version='1.0' encoding='utf-8'?>
<section article="gcl" article_name="Commercial Law" number="8-505" title_number="8" title_name="Investment Securities" subtitle_number="5" subtitle_name="Security Entitlements">
  <level label="a">
    <text>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:</text>
    <level label="1">
      <text>The securities intermediary acts with respect to the duty as agreed upon by the entitlement holder and the securities intermediary; or</text>
    </level>
    <level label="2">
      <text>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.</text>
    </level>
  </level>
  <level label="b">
    <text>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.</text>
  </level>
</section>
