{"data":{"id":"us-ok/okla.-stat.-tit.-12a-12a-8-504","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 12A, § 12A-8-504","heading":"Duty of Securities Intermediary to Maintain Financial","body":"Asset.\n\nDuty of Securities Intermediary to Maintain Financial Asset.\n\n(a) A securities intermediary shall promptly obtain and\n\nthereafter maintain a financial asset in a quantity corresponding to\n\nthe aggregate of all security entitlements it has established in\n\nfavor of its entitlement holders with respect to that financial\n\nasset. The securities intermediary may maintain those financial\n\nassets directly or through one or more other securities\n\nintermediaries.\n\n(b) Except to the extent otherwise agreed by its entitlement\n\nholder, a securities intermediary may not grant any security\n\ninterests in a financial asset it is obligated to maintain pursuant\n\nto subsection (a) of this section.\n\n(c) A securities intermediary satisfies the duty in subsection\n\n(a) of this section if:\n\n(1) the securities intermediary acts with respect to the\n\nduty as agreed upon by the entitlement holder and the\n\nsecurities intermediary; or\n\n(2) in the absence of agreement, the securities\n\nintermediary exercises due care in accordance with\n\nreasonable commercial standards to obtain and maintain\n\nthe financial asset.\n\n(d) This section does not apply to a clearing corporation that\n\nis itself the obligor of an option or similar obligation to which\n\nits entitlement holders have security entitlements.","path":["OK Code","Title 12A"],"source_url":"https://www.oklegislature.gov/OK_Statutes/CompleteTitles/os12A.pdf","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:36Z","sha256":"9fbd9e9cc8897df93c3181987dfa3284fce06687cebeffc4c14c01b006953610","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-12a-12a-8-503","next":"us-ok/okla.-stat.-tit.-12a-12a-8-505"},"notice":"GroundRules: Original legal text. Not legal advice."}