§ 34.1-8-506 — Duty of securities intermediary to exercise rights as directed by entitlement holder

(a) 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:
(i) The securities intermediary acts with respect to
the duty as agreed upon by the entitlement holder and the
securities intermediary; or
(ii) 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.