104.8506 - Duty of securities intermediary to exercise rights as directed by entitlement holder. - Nevada Statutes

104.8506  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.  It acts with respect to the duty as agreed upon by the entitlement holder and the securities intermediary; or

      2.  In the absence of agreement, it 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.

      (Added to NRS by 1997, 368)