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Section 78.5040 - Duty of securities intermediary to maintain financial asset.

OR Rev Stat § 78.5040 (2019) (N/A)
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(2) Except to the extent otherwise agreed by its entitlement holder, a securities intermediary may not grant any security interests in a financial asset it is obligated to maintain pursuant to subsection (1) of this section.

(3) A securities intermediary satisfies the duty in subsection (1) of this section 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 exercises due care in accordance with reasonable commercial standards to obtain and maintain the financial asset.

(4) This section does not apply to a clearing corporation that is itself the obligor of an option or similar obligation to which its entitlement holders have security entitlements. [1995 c.328 §44]

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Section 78.5030 - Property interest of entitlement holder in financial asset held by securities intermediary.
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Section 78.5050 - Duty of securities intermediary with respect to payments and distributions.