Minnesota Statutes § 336.8-509 - 336.8-509 SPECIFICATION OF DUTIES OF SECURITIES INTERMEDIARY BY OTHER STATUTE OR REGULATION; MANNER OF PERFORMANCE OF DUTIES OF SECURITIES INTERMEDIARY AND EXERCISE OF RIGHTS OF ENTITLEMENT HOLDER.

If another law or agreement sets a specific standard, following it satisfies the securities intermediary’s duty. Otherwise, the intermediary and entitlement holder must act in a commercially reasonable manner.

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Jurisdiction: United States — Minnesota
Instrument: Regulation
Version: Undated source snapshot
Language: en
Updated: 1 Jan 2025
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entitlement holder rights securities intermediary duties

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Provisions of Minnesota Statutes § 336.8-509 - 336.8-509 SPECIFICATION OF DUTIES OF SECURITIES INTERMEDIARY BY OTHER STATUTE OR REGULATION; MANNER OF PERFORMANCE OF DUTIES OF SECURITIES INTERMEDIARY AND EXERCISE OF RIGHTS OF ENTITLEMENT HOLDER.

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Minnesota Statutes § 336.8-509 - 336.8-509 SPECIFICATION OF DUTIES OF SECURITIES INTERMEDIARY BY OTHER STATUTE OR REGULATION; MANNER OF PERFORMANCE OF DUTIES OF SECURITIES INTERMEDIARY AND EXERCISE OF RIGHTS OF ENTITLEMENT HOLDER.
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AI-assisted research summary: If another law or agreement sets a specific standard, following it satisfies the securities intermediary’s duty. Otherwise, the intermediary and entitlement holder must act in a commercially reasonable manner.

(a) If the substance of a duty imposed upon a securities intermediary by sections 336.8-504 through 336.8-508 is the subject of other statute, regulation, or rule, compliance with that statute, regulation, or rule satisfies the duty. (b) To the extent that specific standards for the performance of the duties of a securities intermediary or the exercise of the rights of an entitlement holder are not specified by other statute, regulation, or rule or by agreement between the securities intermediary and entitlement holder, the securities intermediary shall perform its duties and the entitlement holder shall exercise its rights in a commercially reasonable manner. (c) The obligation of a securities intermediary to perform the duties imposed by sections 336.8-504 through 336.8-508 is subject to: (1) rights of the securities intermediary arising out of a security interest under a security agreement with the entitlement holder or otherwise; and (2) rights of the securities intermediary under other law, regulation, rule, or agreement to withhold performance of its duties as a result of unfulfilled obligations of the entitlement holder to the securities intermediary.

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Minnesota Statutes § 336.8-509 - 336.8-509 SPECIFICATION OF DUTIES OF SECURITIES INTERMEDIARY BY OTHER STATUTE OR REGULATION; MANNER OF PERFORMANCE OF DUTIES OF SECURITIES INTERMEDIARY AND EXERCISE OF RIGHTS OF ENTITLEMENT HOLDER.

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Provisions of Minnesota Statutes § 336.8-509 - 336.8-509 SPECIFICATION OF DUTIES OF SECURITIES INTERMEDIARY BY OTHER STATUTE OR REGULATION; MANNER OF PERFORMANCE OF DUTIES OF SECURITIES INTERMEDIARY AND EXERCISE OF RIGHTS OF ENTITLEMENT HOLDER.

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