N.Y. U.C.C. 8-505

Section 8--505. Duty of Securities Intermediary with respect to Payments\n and Distributions.\n (a) A securities intermediary shall take action to obtain a payment or\ndistribution made by the issuer of a financial asset. A securities\nintermediary satisfies the duty if:\n (1) the securities intermediary acts with respect to the duty as\n agreed upon by the entitlement holder and the securities\n intermediary; or\n (2) in the absence of agreement, the securities intermediary\n exercises due care in accordance with reasonable commercial\n standards to attempt to obtain the payment or distribution.\n (b) A securities intermediary is obligated to its entitlement holder\nfor a payment or distribution made by the issuer of a financial asset if\nthe payment or distribution is received by the securities intermediary.\n