13 Pa. C.S. § 8506

Current through Pa Acts 2024-53, 2024-56 through 2024-111
Section 8506 - 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.

13 Pa.C.S. § 8506

1996, May 22, P.L. 248, No. 44, § 8, effective in 180 days.