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N.H. Rev. Stat. Ann. § 382-A:8-505

Duty of Securities Intermediary With Respect to Payments and Distributions

Known as the Uniform Commercial Code

The act spans §§ 382-A:1-101 to 382-A:9-809 (637 sections).

Source. 1998, 326:1, eff

(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.

Official source: New Hampshire General Court. Reproduced from public-domain New Hampshire statutes; confirm against the official source for the current text. Not legal advice.