2006 New York Code - Specification Of Duties Of Securities Intermediary By Other Statute Or Regulation; Manner Of Performance Of Duties Of Securities Intermediary And Exer

 
  Section 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.
    (a) If the substance of a duty imposed upon a securities  intermediary
  by  Sections  8--504  through  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 8--504 through 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.
    (d) Sections  8--504  through  8--508  do  not  require  a  securities
  intermediary to take any action that is  prohibited  by  other  statute,
  regulation, or rule.