{"data":{"id":"us-me/11-m.r.s.-8-1505","jurisdiction":"us-me","citation":"11 M.R.S. §8-1505","heading":"Duty of securities intermediary with respect to payments and distributions","body":"(1).   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:\n(a).  The securities intermediary acts with respect to the duty as agreed upon by the entitlement holder and the securities intermediary; or\n(b).  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.\n(2).   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.","path":["TITLE 11: UNIFORM COMMERCIAL CODE","PART 5: SECURITY ENTITLEMENTS"],"source_url":"https://legislature.maine.gov/statutes/11/title11sec8-1505.html","current_through":"October 1, 2025","vintage":"","retrieved_at":"2026-09-04T15:12:25Z","sha256":"e27dfc974f11ba1b4b0ee0c32eb59de0ef997f387328c403f6ec37af3d8450bc","source_id":"us-me","stale":false,"prev":"us-me/11-m.r.s.-8-1504","next":"us-me/11-m.r.s.-8-1506"},"notice":"GroundRules: Original legal text. Not legal advice."}