{"data":{"id":"us-ut/utah-code-70a-8-505","jurisdiction":"us-ut","citation":"Utah Code § 70A-8-505","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 70A Uniform Commercial Code","Chapter 70A-8 Uniform Commercial Code - Investment Securities","Part 70A-8-5 Security Entitlements"],"source_url":"https://le.utah.gov/xcode/Title70A/Chapter8/70A-8-S505.html","current_through":"2026 General Session","vintage":"","retrieved_at":"2026-09-03T11:34:34Z","sha256":"26b92d12a354ae58967cac087cbad90f1e958ccbe561aa737a57f391b2d77fcd","source_id":"us-ut","stale":false,"prev":"us-ut/utah-code-70a-8-504","next":"us-ut/utah-code-70a-8-506"},"notice":"GroundRules: Original legal text. Not legal advice."}