Louisiana § 10:8-506 Duty of securities intermediary to exercise rights as directed by entitlement holder

Louisiana Statutes

§ 10:8-506 — Duty of securities intermediary to exercise rights as directed by entitlement holder

Louisiana § 10:8-506

Title 10Commercial Laws

This text of Louisiana § 10:8-506 (Duty of securities intermediary to exercise rights as directed by entitlement holder) is published on Counsel Stack Legal Research, covering Louisiana primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

La. Stat. Ann. § 10:8-506 (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:

(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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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.