{"data":{"id":"us-sd/sdcl-57a-8-505","jurisdiction":"us-sd","citation":"SDCL § 57A-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.\nSource: SL 1998, ch 284, § 1.","path":["TITLE 57A. UNIFORM COMMERCIAL CODE","CHAPTER 57A-8. INVESTMENT SECURITIES"],"source_url":"https://sdlegislature.gov/Statutes/57A-8-505","current_through":"2026-08-31","vintage":"","retrieved_at":"2026-09-03T15:18:57Z","sha256":"02ad7f7b5aeb73b555c5cbaeddbebbc4ab115b4b35f1e223e69a9451e5047501","source_id":"us-sd","stale":true,"prev":"us-sd/sdcl-57a-8-504","next":"us-sd/sdcl-57a-8-506"},"notice":"GroundRules: Original legal text. Not legal advice."}