§12A-8-504.

§12A-8-504.
   
   Duty of Securities Intermediary to Maintain Financial Asset.
   
   (a) A securities intermediary shall promptly obtain and thereafter
   maintain a financial asset in a quantity corresponding to the
   aggregate of all security entitlements it has established in favor of
   its entitlement holders with respect to that financial asset. The
   securities intermediary may maintain those financial assets directly
   or through one or more other securities intermediaries.
   
   (b) Except to the extent otherwise agreed by its entitlement holder, a
   securities intermediary may not grant any security interests in a
   financial asset it is obligated to maintain pursuant to subsection (a)
   of this section.
   
   (c) A securities intermediary satisfies the duty in subsection (a) of
   this section if:
   
   (1) the securities intermediary acts with respect to the duty as
   agreed upon by the entitlement holder and the securities intermediary;
   or
   
   (2) in the absence of agreement, the securities intermediary exercises
   due care in accordance with reasonable commercial standards to obtain
   and maintain the financial asset.
   
   (d) This section does not apply to a clearing corporation that is
   itself the obligor of an option or similar obligation to which its
   entitlement holders have security entitlements.