Section 8-1506 - Duty of securities intermediary to exercise rights as directed by entitlement holderA 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: [1997, c. 429, Pt. B, §2(NEW).]
(1). The securities intermediary acts with respect to the duty as agreed upon by the entitlement holder and the securities intermediary; or [1997, c. 429, Pt. B, §2(NEW).]
(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. [1997, c. 429, Pt. B, §2(NEW).]
1997, c. 429, §B2 (NEW) .