§ 382-a-8-506

382-A:8-506 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. Source. 1998, 326:1, eff. Jan. 1, 1999.