Ohio § 1308.56 Duty of securities intermediary to exercise rights as directed by entitlement holder - UCC 8-506

Ohio Statutes

§ 1308.56 — Duty of securities intermediary to exercise rights as directed by entitlement holder - UCC 8-506

Ohio § 1308.56

Title 13Commercial Transactions

Ch. 1308Investment Securities

This text of Ohio § 1308.56 (Duty of securities intermediary to exercise rights as directed by entitlement holder - UCC 8-506) is published on Counsel Stack Legal Research, covering Ohio primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Ohio Rev. Code Ann. § 1308.56 (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:

(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.

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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:

(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.