47-8506. 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: 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.
Arizona Legal Code