Delaware Code

6 Del. C. § 8-506 (2026)

Duty of securities intermediary to exercise rights as directed by entitlement holder

✓ current as of May 2026

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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.

71 Del. Laws, c. 75, § 1;

Notes of Decisions

Cited in 1 case (1 in the last 5 years), 2023–2023 · leading case: Parseghian v. Frequency Therapeutics, Inc. (Del. Super. Ct. 2023).

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Parseghian v. Frequency Therapeutics, Inc. (Del. Super. Ct. 2023). · cites it 3× “COMPUTERSHARE WAS NOT A SECURITIES INTERMEDIARY FOR THIS TRANSACTION AND THUS THOSE STATUTORY DUTIES IMPOSED ON SECURITIES INTERMEDIARIES DO NOT APPLY HERE (COUNT I).”

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