Section 440.8506 – Duty of Securities Intermediary to Exercise Rights With Respect to Financial Asset; Conditions.
440.8506 Duty of securities intermediary to exercise rights with respect to financial asset; conditions. Sec. 8506. A securities intermediary shall exercise rights with respect to a financial asset if directed to do so by an entitlement holder. The duty is satisfied if the securities intermediary does either of the following: (a) Acts with respect to […]
Section 440.8507 – Compliance With Entitlement Order by Securities Intermediary; Conditions; Wrongful Transfer of Financial Asset Pursuant to Ineffective Entitlement Order; Liability.
440.8507 Compliance with entitlement order by securities intermediary; conditions; wrongful transfer of financial asset pursuant to ineffective entitlement order; liability. Sec. 8507. (1) A securities intermediary shall comply with an entitlement order if the entitlement order is originated by the appropriate person, the securities intermediary has had reasonable opportunity to assure itself that the entitlement […]
Section 440.8508 – Changing Security Entitlement Into Another Form of Holding; Transferring Financial Asset to Securities Account of Entitlement Holder; Duties of Securities Intermediary; Conditions.
440.8508 Changing security entitlement into another form of holding; transferring financial asset to securities account of entitlement holder; duties of securities intermediary; conditions. Sec. 8508. A securities intermediary shall act at the direction of an entitlement holder to change a security entitlement into another available form of holding for which the entitlement holder is eligible, […]
Section 440.8509 – Performance of Duties by Securities Intermediary.
440.8509 Performance of duties by securities intermediary. Sec. 8509. (1) If the substance of a duty imposed upon a securities intermediary by sections 8504 through 8508 is the subject of other statute, regulation, or rule, compliance with the statute, regulation, or rule satisfies the duty. (2) To the extent that specific standards for the performance […]
Section 440.8510 – Assertion of Action Based on Adverse Claim; Prohibition; Conditions; Priority.
440.8510 Assertion of action based on adverse claim; prohibition; conditions; priority. Sec. 8510. (1) In a case not covered by the priority rules in article 9 or the rules stated in subsection (3), an action based on an adverse claim to a financial asset or security entitlement, whether framed in conversion, replevin, constructive trust, equitable […]
Section 440.8511 – Priority of Claims.
440.8511 Priority of claims. Sec. 8511. (1) Except as otherwise provided in subsections (2) and (3), if a securities intermediary does not have sufficient interest in a particular financial asset to satisfy both its obligations to entitlement holders who have security entitlements to that financial asset and its obligation to a creditor of the securities […]
Section 440.8601 – Action or Proceeding Commenced Before Act Takes Effect; Security Interest Perfected at Date Act Takes Effect.
440.8601 Action or proceeding commenced before act takes effect; security interest perfected at date act takes effect. Sec. 8601. (1) This amendatory act does not affect an action or proceeding commenced before this amendatory act that added this section takes effect. (2) If a security interest in a security is perfected at the date this […]
Section 440.8404 – Liability of Issuer for Wrongful Registration or Transfer.
440.8404 Liability of issuer for wrongful registration or transfer. Sec. 8404. (1) Except as otherwise provided in section 8406, an issuer is liable for wrongful registration of transfer if the issuer has registered a transfer of a security to a person not entitled to it, and the transfer was registered in 1 or more of […]
Section 440.8405 – Lost, Destroyed, or Wrongfully Taken Securities.
440.8405 Lost, destroyed, or wrongfully taken securities. Sec. 8405. (1) If an owner of a certificated security, whether in registered or bearer form, claims that the certificate has been lost, destroyed, or wrongfully taken, the issuer shall issue a new certificate if the owner does all of the following: (a) Requests before the issuer has […]
Section 440.8406 – Lost, Destroyed, or Wrongfully Taken Security Certificate; Failure to Notify Issuer.
440.8406 Lost, destroyed, or wrongfully taken security certificate; failure to notify issuer. Sec. 8406. If a security certificate has been lost, apparently destroyed, or wrongfully taken, and the owner fails to notify the issuer of that fact within a reasonable time after the owner has notice of it and the issuer registers a transfer of […]