{"data":{"id":"us-ny/n.y.-uniform-commercial-code-law-8-506","jurisdiction":"us-ny","citation":"N.Y. Uniform Commercial Code Law § 8-506","heading":"Duty of Securities Intermediary to Exercise Rights as directed by Entitlement Holder","body":"Section 8--506. Duty of Securities Intermediary to Exercise Rights as\n                  directed by Entitlement Holder.\n  A securities intermediary shall exercise rights with respect to a\nfinancial asset if directed to do so by an entitlement holder. A\nsecurities intermediary satisfies the duty if:\n  (1) the securities intermediary acts with respect to the duty as\nagreed upon by the entitlement holder and the securities intermediary;\nor\n  (2) in the absence of agreement, the securities intermediary either\nplaces the entitlement holder in a position to exercise the rights\ndirectly or exercises due care in accordance with reasonable commercial\nstandards to follow the direction of the entitlement holder.","path":["Uniform Commercial Code Law","Article 8. Investment Securities","Part 5. Security Entitlements"],"source_url":"https://legislation.nysenate.gov/api/3/laws/UCC/8-506","current_through":"2026-09-11","vintage":"","retrieved_at":"2026-09-14T19:32:45Z","sha256":"bb83275c414d79cc93247d9e152d2d3cf86628bb65b73fd7d8ec6ff78a2c0aa9","source_id":"us-ny","stale":false,"prev":"us-ny/n.y.-uniform-commercial-code-law-8-505","next":"us-ny/n.y.-uniform-commercial-code-law-8-507"},"notice":"GroundRules: Original legal text. Not legal advice."}