{"data":{"id":"us-sc/s.c.-code-ann.-36-8-505","jurisdiction":"us-sc","citation":"S.C. Code Ann. § 36-8-505","heading":"Duty of securities intermediary with respect to payments and distributions.","body":"(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:\n(1) the securities intermediary acts with respect to the duty as agreed upon by the entitlement holder and the securities intermediary; or\n(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.\n(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.","path":["Title 36 - COMMERCIAL CODE","CHAPTER 8 Commercial Code—Investment Securities","Part 5 Security Entitlements"],"source_url":"https://www.scstatehouse.gov/code/t36c008.php","current_through":"2025 Session of the General Assembly","vintage":"","retrieved_at":"2026-09-02T07:08:44Z","sha256":"d7eef9ad3661f88b434090bb18d1122ea2f716bb496569950138b042395f9dd5","source_id":"us-sc","stale":false,"prev":"us-sc/s.c.-code-ann.-36-8-504","next":"us-sc/s.c.-code-ann.-36-8-506"},"notice":"GroundRules: Original legal text. Not legal advice."}