N.Y. Uniform Commercial Code Law § 8-506: Duty of Securities Intermediary to Exercise Rights as directed by Entitlement Holder

Section 8--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 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.