554.8509 Specification of duties of securities intermediary by other statute or regulation — manner of performance of duties of securities intermediary and exercise of rights ofentitlement holder. 1. If the substance of a duty imposed upon a securities intermediary by sections 554.8504 through 554.8508 is the subject of other statute, regulation, or rule, compliance with thatstatute, regulation, or rule satisfies the duty. 2. To the extent that specific standards for the performance of the duties of a securities intermediary or the exercise of the rights of an entitlement holder are not specified byother statute, regulation, or rule or by agreement between the securities intermediary andentitlement holder, the securities intermediary shall perform its duties and the entitlementholder shall exercise its rights in a commercially reasonable manner. 3. The obligation of a securities intermediary to perform the duties imposed by sections 554.8504 through 554.8508 is subject to: a. rights of the securities intermediary arising out of a security interest under a security agreement with the entitlement holder or otherwise; and b. ctions 554.8504 through 554.8508 is subject to: a. rights of the securities intermediary arising out of a security interest under a security agreement with the entitlement holder or otherwise; and b. rights of the securities intermediary under other law, regulation, rule, or agreement to withhold performance of its duties as a result of unfulfilled obligations of the entitlementholder to the securities intermediary. 4. Sections 554.8504 through 554.8508 do not require a securities intermediary to take any action that is prohibited by other statute, regulation, or rule. 96 Acts, ch 1138, §56, 84 Sat Dec 23 01:58:53 2023 Iowa Code 2024, Section 554.8509 (24, 0)
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