North Dakota § 41-08-46 (8-506) Duty of securities intermediary to exercise rights as directed by entitlement holder

North Dakota Statutes

§ 41-08-46 — (8-506) Duty of securities intermediary to exercise rights as directed by entitlement holder

North Dakota § 41-08-46

Title 41Uniform Commercial Code

Ch. 41-08Investment Securities

This text of North Dakota § 41-08-46 ((8-506) Duty of securities intermediary to exercise rights as directed by entitlement holder) is published on Counsel Stack Legal Research, covering North Dakota primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

N.D. Cent. Code § 41-08-46 (2026).

Text

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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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.