State Codes and Statutes
Statutes > Wisconsin > 408 > 408.506408.506
408.506 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:408.506(1)
(1) The securities intermediary acts with respect to the duty as agreed upon by the entitlement holder and the securities intermediary; or408.506(2)
(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.408.506 - ANNOT.
History: 1997 a. 297.