O.C.G.A.
O.C.G.A. § 11-8-506 (2019)
Duty of securities intermediary to exercise rights as directed by entitlement holder
✓ O.C.G.A. — 2019 edition (Public.Resource.Org Release 73)
Code text and O.C.G.A. statutory annotations on this page reflect the 2019 Official Code of Georgia Annotated (Public.Resource.Org Release 73, 2019-08-21; public domain per Georgia v. Public.Resource.Org, 2020). The Syfert case-law annotations in Notes of Decisions, below, are current.
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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.
History
Code 1981, § 11-8-506, enacted by Ga. L. 1998, p. 1323, § 1.
Annotations
RESEARCH REFERENCES U.L.A. Uniform Commercial Code (U.L.A.) § 8506.