84-8-506. 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:
(a) The securities intermediary acts with respect to the duty as agreed upon by the entitlement holder and the securities intermediary; or
(b) 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: L. 1996, ch. 202, § 73; July 1.
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