N.M. Stat. § 55-8-506

Current through 2024, ch. 69

Section 55-8-506 - 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.

NMS § 55-8-506

1978 Comp., § 55-8-506, enacted by Laws 1996, ch. 47, § 50.