§ 6A-8-506 - Duty of securities intermediary to exercise rights as directed by entitlement holder. - Rhode-island Statutes

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Statutes > Rhode-island > Title-6a > Chapter-6a-8 > 6a-8-506

SECTION 6A-8-506

§ 6A-8-506 Duty of securities intermediaryto exercise rights as directed by entitlement holder. – A securities intermediary shall exercise rights with respect to a financialasset if directed to do so by an entitlement holder. A securities intermediarysatisfies the duty if:

(1) the securities intermediary acts with respect to the dutyas agreed upon by the entitlement holder and the securities intermediary; or

(2) in the absence of agreement, the securities intermediaryeither places the entitlement holder in a position to exercise the rightsdirectly or exercises due care in accordance with reasonable commercialstandards to follow the direction of the entitlement holder.

State Codes and Statutes

Statutes > Rhode-island > Title-6a > Chapter-6a-8 > 6a-8-506

SECTION 6A-8-506

§ 6A-8-506 Duty of securities intermediaryto exercise rights as directed by entitlement holder. – A securities intermediary shall exercise rights with respect to a financialasset if directed to do so by an entitlement holder. A securities intermediarysatisfies the duty if:

(1) the securities intermediary acts with respect to the dutyas agreed upon by the entitlement holder and the securities intermediary; or

(2) in the absence of agreement, the securities intermediaryeither places the entitlement holder in a position to exercise the rightsdirectly or exercises due care in accordance with reasonable commercialstandards to follow the direction of the entitlement holder.

State Codes and Statutes

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State Codes and Statutes

Statutes > Rhode-island > Title-6a > Chapter-6a-8 > 6a-8-506

SECTION 6A-8-506

§ 6A-8-506 Duty of securities intermediaryto exercise rights as directed by entitlement holder. – A securities intermediary shall exercise rights with respect to a financialasset if directed to do so by an entitlement holder. A securities intermediarysatisfies the duty if:

(1) the securities intermediary acts with respect to the dutyas agreed upon by the entitlement holder and the securities intermediary; or

(2) in the absence of agreement, the securities intermediaryeither places the entitlement holder in a position to exercise the rightsdirectly or exercises due care in accordance with reasonable commercialstandards to follow the direction of the entitlement holder.