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.
Section: Previous 4-8-502 4-8-503 4-8-504 4-8-505 4-8-506 4-8-507 4-8-508 4-8-509 4-8-510 4-8-511 NextLast modified: November 15, 2016