2007 Minnesota Statutes

336.8-509 SPECIFICATION OF DUTIES OF SECURITIES INTERMEDIARY BY
OTHER STATUTE OR REGULATION; MANNER OF PERFORMANCE OF DUTIES
OF SECURITIES INTERMEDIARY AND EXERCISE OF RIGHTS OF ENTITLEMENT
HOLDER.
(a) If the substance of a duty imposed upon a securities intermediary by sections 336.8-504
through 336.8-508 is the subject of other statute, regulation, or rule, compliance with that statute,
regulation, or rule satisfies the duty.
(b) To the extent that specific standards for the performance of the duties of a securities
intermediary or the exercise of the rights of an entitlement holder are not specified by other
statute, regulation, or rule or by agreement between the securities intermediary and entitlement
holder, the securities intermediary shall perform its duties and the entitlement holder shall exercise
its rights in a commercially reasonable manner.
(c) The obligation of a securities intermediary to perform the duties imposed by sections
336.8-504 through 336.8-508 is subject to:
(1) rights of the securities intermediary arising out of a security interest under a security
agreement with the entitlement holder or otherwise; and
(2) rights of the securities intermediary under other law, regulation, rule, or agreement to
withhold performance of its duties as a result of unfulfilled obligations of the entitlement holder to
the securities intermediary.
History: 1995 c 194 art 1 s 49