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Duty of securities intermediary to exercise rights as directed by entitlement holder - 13 Pa. Cons. Stat. § 8506

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     § 8506.  Duty of securities intermediary to exercise rights as
                directed by entitlement holder.
        A securities intermediary shall exercise rights with respect
     to a financial asset if directed to do so by an entitlement
     holder. A securities intermediary satisfies the duty 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 either places the entitlement holder in a
        position to exercise the rights directly or exercises due
        care in accordance with reasonable commercial standards to
        follow the direction of the entitlement holder.

        Cross References.  Section 8506 is referred to in sections
     8503, 8509 of this title.

Last modified: November 27, 2007