§ 678.5051, Fla. Stat. · Part V. SECURITY ENTITLEMENTS
Duty of securities intermediary with respect to payments and distributions.
Text — 2026 Florida Statutes
(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:
(a) The securities intermediary acts with respect to the duty as agreed upon by the entitlement holder and the securities intermediary; or
(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.
(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.
Notes and commentary — not statutory text
History
s. 5, ch. 98-11.
Source of truth
- Edition
- 2026 Florida Statutes
- Official file
- https://www.leg.state.fl.us/Statutes/index.cfm?App_mode=Display_Statute&URL=0600-0699/0678/0678.html
- Text hash
- sha256 2a32ae3ae2018c8b427b7e0e9e5602f13baa789ae081daf0df6b4bbc4a08c50a
- Composed by
- compose_v2.py 2026-10-04: the Legislature's structured HTML read in document order; verify_v2.py's independent reading agrees character for character
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Cited by 1 provision
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