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.
96 Acts, ch 1138, §53, 84
Previous Section 554.8505
Next Section 554.8507
© 2003 Cornell College and League of Women Voters of Iowa
Comments about this site or page?
webmaster@legis.iowa.gov.
Please remember that the person listed above does not vote on bills. Direct all comments concerning legislation to State Legislators.
Last update: Tue Jan 28 13:52:42 CST 2003
URL: /DOCS/IACODE/2003/554/8506.html
jhf