LegalFix
Sign In

11 §8-1506. Duty of securities intermediary to exercise rights as directed by entitlement holder

11 ME Rev Stat § 8-1506 (2019) (N/A)
Copy with citation
Copy as parenthetical citation

§8-1506. 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:   [PL 1997, c. 429, Pt. B, §2 (NEW).]

(1).  The securities intermediary acts with respect to the duty as agreed upon by the entitlement holder and the securities intermediary; or

[PL 1997, c. 429, Pt. B, §2 (NEW).]

(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.

[PL 1997, c. 429, Pt. B, §2 (NEW).]

SECTION HISTORY

PL 1997, c. 429, §B2 (NEW).

Previous Section
11 §8-1505. Duty of securities intermediary with respect to payments and distributions
Next Section
11 §8-1507. Duty of securities intermediary to comply with entitlement order