Louisiana Statutes
§ 10:8-506 — Duty of securities intermediary to exercise rights as directed by entitlement holder
Louisiana·Title 10 Commercial Laws
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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Louisiana § 10:8-506 (Duty of securities intermediary to exercise rights as directed by entitlement holder) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.
Legislative History
Acts 1995, No. 884, §1, eff. Jan. 1, 1996.
Nearby Sections
15
§ 10:8-101
§ 10:8-101§ 10:8-102
Definitions and index of definitions§ 10:8-105
Notice of adverse claim§ 10:8-106
Control§ 10:8-108
Warranties in direct holding§ 10:8-109
Warranties in indirect holding§ 10:8-110
Applicability; choice of law§ 10:8-111
Clearing corporation rules§ 10:8-112
Creditor's legal process§ 10:8-113
Statute of frauds inapplicable