Utah § 70A-8-506 Duty of securities intermediary to exercise rights as directed by entitlement holder.

Utah Statutes

§ 70A-8-506 — Duty of securities intermediary to exercise rights as directed by entitlement holder.

Utah § 70A-8-506

Title 70AUniform Commercial Code

Ch. 70A-8Uniform Commercial Code - Investment Securities

Part 70A-8-5Security Entitlements

This text of Utah § 70A-8-506 (Duty of securities intermediary to exercise rights as directed by entitlement holder.) is published on Counsel Stack Legal Research, covering Utah primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Utah Code Ann. § 70A-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.

Free access — add to your briefcase to read the full text and ask questions with AI

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.