§ 34.1-8-509 — Specification of duties of securities intermediary by other statute or regulation; manner of performance of duties of securities intermediary and exercise of rights of entitlement holder

Wyoming § 34.1-8-509

• Jurisdiction: Wyoming
• Title 34.1: Uniform Commercial Code
• Art. 8: INVESTMENT SECURITIES

Text

(a) If the substance of a duty imposed upon a securities
intermediary by W.S. 34.1-8-504 through 34.1-8-508 is the
subject of other statute, regulation, or rule, compliance with
that statute, regulation, or rule satisfies the duty.
(b) To the extent that specific standards for the
performance of the duties of a securities intermediary or the
exercise of the rights of an entitlement holder are not
specified by other statute, regulation, or rule or by agreement
between the securities intermediary and entitlement holder, the
securities intermediary shall perform its duties and the
entitlement holder shall exercise its rights in a commercially
reasonable manner.
(c) The obligation of a securities intermediary to perform
the duties imposed by W.S. 34.1-8-504 through 34.1-8-508 is
subject to:
(i) Rights of the securities intermediary arising out
of a security interest under a security agreement with the
entitlement holder or otherwise; and
(ii) Rights of the securities intermediary under
other law, regulation, rule, or agreement to withhold
performance of its duties as a result of unfulfilled obligations
of the entitlement holder to the securities intermediary.
(d) W.S. 34.1-8-504 through 34.1-8-508 do not require a
securities intermediary to take any action that is prohibited by
other statute, regulation, or rule.