8-506 - Duty of Securities Intermediary to Exercise Rights as Directed by Entitlement Holder.

NY UCC § 8-506 (2019) (N/A)
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(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.