Connecticut General Statutes Title 42A. Uniform Commercial Code § 42a-8-506 § 42a-8-506. Duty of securities intermediary to exercise rights as directed by entitlement holder
Current as of June 28, 2021 | Updated by FindLaw Staff
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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.
Cite this article: FindLaw.com - Connecticut General Statutes Title 42A. Uniform Commercial Code § 42a-8-506 § 42a-8-506. Duty of securities intermediary to exercise rights as directed by entitlement holder - last updated June 28, 2021 | https://codes.findlaw.com/ct/title-42a-uniform-commercial-code/ct-gen-st-sect-42a-8-506/
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