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Official Code of Georgia Annotated

Title 11. COMMERCIAL CODE · Chapter 8. · Article 8. INVESTMENT SECURITIES · Part 5. SECURITY ENTITLEMENTS

11-8-506. Duty of securities intermediary to exercise rights as directed by entitlement holder.

Active

Current through: Including Acts of the 2025 Regular Session of the General Assembly.

  1. 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:

  2. (1)

    The securities intermediary acts with respect to the duty as agreed upon by the entitlement holder and the securities intermediary; or#

  3. (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.#

The notes below are printed with the section but are not enacted law (O.C.G.A. § 1-1-1(c)). They are shown apart from the text.

History

Code 1981, § 11-8-506, enacted by Ga. L. 1998, p. 1323, § 1.

Read the official page (the state's PDF, opened at the page this text was read from).

Current through: Including Acts of the 2025 Regular Session of the General Assembly.

Text read from t11-(v9)-2022-pdf.pdf, Volume V9, 2022 edition, page 697; merge action: carried; file SHA-256 ad397fccbf21.