Section 8509 - Specification of duties of securities intermediary by other statute or regulation; manner of performance of duties of securities intermediary and exercise of rights of entitlement holder(a) Compliance with statute, etc., satisfies duty.--If the substance of a duty imposed upon a securities intermediary by sections 8504 (relating to duty of securities intermediary to maintain financial asset) through 8508 (relating to duty of securities intermediary to change entitlement holder's position to other form of security holding) is the subject of another statute, regulation or rule, compliance with that statute, regulation or rule satisfies the duty.(b) When standards not specified in statute, etc.--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 by other statute, regulation or rule or by agreement between the securities intermediary and entitlement holder, the securities intermediary shall perform its duties and the entitlement holder shall exercise its rights in a commercially reasonable manner.(c) Limitations on obligations of securities intermediary.--The obligation of a securities intermediary to perform the duties imposed by sections 8504 through 8508 is subject to:(1) rights of the securities intermediary arising out of a security interest under a security agreement with the entitlement holder or otherwise; and(2) 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 entitlement holder to the securities intermediary.(d) When action prohibited by statute, etc.Sections 8504 through 8508 do not require a securities intermediary to take any action that is prohibited by other statute, regulation or rule.
1996, May 22, P.L. 248, No. 44, § 8, effective in 180 days.