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Chapter 336
Section 336.8-506
Topics
Recent History
- 1995 336.8-506 New 1995 c 194 art 1 s 46
This is an historical version of this statute chapter. Also view the most recent published version.
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.
History: 1995 c 194 art 1 s 46
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.
History: 1995 c 194 art 1 s 46
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Revisor of Statutes