State Codes and Statutes
Statutes > Missouri > T26 > C400 > 400_8-506Duty of securities intermediary to exercise rights as directed byentitlement holder.
400.8-506. A securities intermediary shall exercise rights withrespect 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 asagreed upon by the entitlement holder and the securities intermediary; or
(2) In the absence of agreement, the securities intermediary eitherplaces the entitlement holder in a position to exercise the rights directlyor exercises due care in accordance with reasonable commercial standards tofollow the direction of the entitlement holder.
(L. 1997 S.B. 6)
