New Jersey Statutes
§ 12A:8-506 — Duty of Securities Intermediary to Exercise Rights as Directed by Entitlement Holder.
New Jersey·Title 12A COMMERCIAL TRANSACTIONS
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: a. the securities intermediary acts with respect to the duty as agreed upon by the entitlement holder and the securities intermediary; or b. 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. L.1997,c.252,s.1.
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Nearby Sections
15
§ 12A:8-101
Short Title.§ 12A:8-102
Definitions.§ 12A:8-103
Rule for determining whether certain obligations and interests are securities or financial assets.§ 12A:8-105. Notice of Adverse Claim.
§ 12A:8-105. Notice of Adverse Claim.§ 12A:8-106
Control§ 12A:8-108. Warranties in Direct Holding.
§ 12A:8-108. Warranties in Direct Holding.§ 12A:8-109
Warranties in Indirect Holding.§ 12A:8-110
Applicability; choice of law.§ 12A:8-111
Clearing Corporation Rules.§ 12A:8-112. Creditor's Legal Process.
§ 12A:8-112. Creditor's Legal Process.§ 12A:8-113
Statute of Frauds Inapplicable.