Illinois Statutes
§ 8-506
Illinois·Topic BUSINESS AND EMPLOYMENT·Ch. 810 COMMERCIAL CODE·Act 810 ILCS 5/ Uniform Commercial Code.·Art. Article 8 - Investment Securities
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.
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Legislative History
(Source: P.A. 89-364, eff. 1-1-96.)
Nearby Sections
15
§ 8-101
Short title§ 8-102
Definitions§ 8-103
§ 8-103§ 8-104
§ 8-104§ 8-105
Notice of adverse claim§ 8-106
Control§ 8-107
§ 8-107§ 8-108
Warranties in direct holding§ 8-110
Applicability; choice of law§ 8-111
Clearing corporation rules§ 8-112
Creditor's legal process§ 8-115
§ 8-115