§490:8-506 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. [L 1997, c 33, pt of §2]
Section: Previous 490-8-406 490-8-407 490-8-501 490-8-502 490-8-503 490-8-504 490-8-505 490-8-506 490-8-507 490-8-508 490-8-509 490-8-510 490-8-511 490-9-101-to-490-9-507 490-9-102 NextLast modified: October 27, 2016