Ask Reggi Your Question Now
Can you summarize MNST 336.8-509?
UNIFORM COMMERCIAL CODE > 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.
Short Summary
This legal document, specified under the Minnesota Statutes, TRADE REGULATIONS, CONSUMER PROTECTION, UNIFORM COMMERCIAL CODE, outlines the duties of a securities intermediary and the exercise of rights of an entitlement holder. It states that if a duty imposed on a securities intermediary is covered by another statute, regulation, or rule, compliance with that statute, regulation, or rule satisfies the duty. In cases where specific standards for performance or exercise of rights are not specified elsewhere, the securities intermediary and entitlement holder must act in a commercially reasonable manner. The obligations of a securities intermediary are subject to any rights arising from a security interest or other agreements, as well as the securities intermediary’s rights to withhold performance due to unfulfilled obligations of the entitlement holder. No penalties are mentioned in this document.
Whom does it apply to?
Securities intermediaries and entitlement holders
What does it govern?
Duties of securities intermediary
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Minnesota