Utah Code § 70A-8-506
Duty of securities intermediary to exercise rights as directed by entitlement holder
Utah · Utah Code Title 70A — Uniform Commercial Code · Status: effective
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- Citation
- Utah Code § 70A-8-506, Duty of securities intermediary to exercise rights as directed by entitlement holder, Utah, version 1 as recorded 2026-10-03, yourstate.us, https://yourstate.us/provision/2350112
- Permanent ID
ys:prov:2350112@1- SHA-256
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Full 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.