Arizona § 47-8509 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

Arizona Statutes

§ 47-8509 — 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

Arizona § 47-8509

Title 47Arizona Revised Statutes

Ch. 8INVESTMENT SECURITIES

Art. 5Security Entitlements

This text of Arizona § 47-8509 (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) is published on Counsel Stack Legal Research, covering Arizona primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Ariz. Rev. Stat. Ann. § 47-8509 (2026).

Text

A.If the substance of a duty imposed upon a securities intermediary by sections 47-8504 through 47-8508 is the subject of other statute, regulation or rule, compliance with that statute, regulation or rule satisfies the duty.

B.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.The obligation of a securities intermediary to perform the duties imposed by sections 47-8504 through 47-8508 is subject to:

1.Rights

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A. If the substance of a duty imposed upon a securities intermediary by sections 47-8504 through 47-8508 is the subject of other statute, regulation or rule, compliance with that statute, regulation or rule satisfies the duty.

B. 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. The obligation of a securities intermediary to perform the duties imposed by sections 47-8504 through 47-8508 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. Sections 47-8504 through 47-8508 do not require a securities intermediary to take any action that is prohibited by other statute, regulation or rule.