California Statutes
§ 8506. — 8506. (Added by Stats. 1996, Ch. 497, Sec. 9.)
California § 8506.
JurisdictionCalifornia
Code COMCommercial Code - COM
Div. 8.DIVISION 8. INVESTMENT SECURITIES
Ch. 5.CHAPTER 5. Security Entitlements
This text of California § 8506. (8506. (Added by Stats. 1996, Ch. 497, Sec. 9.)) is published on Counsel Stack Legal Research, covering California primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.
Bluebook
Cal. Commercial Code - COM Code § 8506. (2026).
Text
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 it does either of the following:
(1)The securities intermediary acts with respect to the duty as agreed upon by the entitlement holder and the securities intermediary.
(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.
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Legislative History
Added by Stats. 1996, Ch. 497, Sec. 9. Effective January 1, 1997.
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California § 8506., Counsel Stack Legal Research, https://law.counselstack.com/statute/ca/COM/8506..