New York Uniform Commercial Code Law Section 8-506 - Duty of Securities Intermediary to Exercise Rights as directed by Entitlement Holder.

Section 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.

Last modified: February 3, 2019