{"data":{"id":"us-mi/mich.-comp.-laws-440.8509","jurisdiction":"us-mi","citation":"Mich. Comp. Laws § 440.8509","heading":"Performance of duties by securities intermediary.","body":"Sec. 8509.\n\nIf the substance of a duty imposed upon a securities intermediary by sections 8504 through 8508 is the subject of other statute, regulation, or rule, compliance with the statute, regulation, or rule satisfies the duty.\n\nTo 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.\n\nThe obligation of a securities intermediary to perform the duties imposed by sections 8504 through 8508 is subject to both of the following:\n\nRights of the securities intermediary arising out of a security interest under a security agreement with the entitlement holder or otherwise.\n\nRights 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.\n\nSections 8504 through 8508 do not require a securities intermediary to take any action that is prohibited by other statute, regulation, or rule.","path":["MI Code","Chapter 440","Act Act-174-of-1962"],"source_url":"https://www.legislature.mi.gov/Laws/MCL?objectName=mcl-440-8509","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:31Z","sha256":"7793da89bf458f3d65749677c0b6be145aec81c548dadc950af4fa10e3520eef","source_id":"us-mi","stale":false,"prev":"us-mi/mich.-comp.-laws-440.8508","next":"us-mi/mich.-comp.-laws-440.8510"},"notice":"GroundRules: Original legal text. Not legal advice."}