Illinois Compiled Statutes 810 ILCS 5 Uniform Commercial Code. Section 8-506

    (810 ILCS 5/8-506)

    Sec. 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.

(Source: P.A. 89-364, eff. 1-1-96.)

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Last modified: February 18, 2015