2004 Minnesota Statutes

     336.8-506 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. 

    HIST: 1995 c 194 art 1 s 46