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§ 8-506. Duty of Securities Intermediary to Exercise Rights as Directed by Entitlement Holder.

Oklahoma Statutes AnnotatedTitle 12A. Commercial Code

Oklahoma Statutes Annotated
Title 12a. Commercial Code (Refs & Annos)
Article 8. Investment Securities (Refs & Annos)
Part 5. Security Entitlements
12A Okl.St.Ann. § 8-506
§ 8-506. Duty of Securities Intermediary to Exercise Rights as Directed by Entitlement Holder.
Currentness
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.

Credits

Laws 1995, c. 242, § 46, eff. Feb. 1, 1996.
12A Okl. St. Ann. § 8-506, OK ST T. 12A § 8-506
Current with emergency effective legislation through Chapter 257 of the Second Regular Session of the 59th Legislature (2024). Some sections may be more current, see credits for details.
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