Alaska Statutes: AS 45.08.506. Duty of Securities Intermediary to Exercise Rights as Directed By Entitlement Holder.

Alaska Statutes. Title 45. Trade and Commerce Chapter 8. Investment Securities Section 506. Duty of Securities Intermediary to Exercise Rights as Directed By Entitlement Holder.

previous: Section 505. Duty of Securities Intermediary With Respect to Payments and Distributions.
next: Section 507. Duty of Securities Intermediary to Comply With Entitlement Order.

AS 45.08.506. Duty of Securities Intermediary to Exercise Rights as Directed By Entitlement Holder.

A securities intermediary shall exercise rights with respect to a financial asset if directed by an entitlement holder to exercise the rights. 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.

This version of the Alaska Statutes is current through December, 2007. The Alaska Statutes were automatically converted to HTML from a plain text format. Every effort has been made to ensure their accuracy, but this can not be guaranteed. If it is critical that the precise terms of the Alaska Statutes be known, it is recommended that more formal sources be consulted. For statutes adopted after the effective date of these statutes, see, Alaska State Legislature If any errors are found, please e-mail Touch N' Go systems at E-mail. We hope you find this information useful.