☰ Revisor of Missouri

Title XXVI TRADE AND COMMERCE

Chapter 400

Effective - 28 Aug 1997 bottom

  400.8-506.  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.

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(L. 1997 S.B. 6)


---- end of effective   28 Aug 1997 ----

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