- Alaska Statutes.
- Title 45. Trade and Commerce
- Chapter 8. Investment Securities
- Section 509. Specification of Duties of Securities Intermediary By Other Statute, Regulation, or Rule; Manner of Performance of Duties of Securities Intermediary and Exercise of Rights of Entitlement Holder.
previous: Section 508
. Duty of Securities Intermediary to Change Entitlement Holder's Position to Other Form of Security Holding.
next: Section 510
. Rights of Purchaser of Security Entitlement From Entitlement Holder.
AS 45.08.509. Specification of Duties of Securities Intermediary By Other Statute, Regulation, or Rule; 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 AS 45.08.504
- 45.08.508 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 the duties of the
securities intermediary and the entitlement holder shall exercise the rights of the entitlement holder in a
commercially reasonable manner.
- (c) The obligation of a securities intermediary to perform the duties imposed by AS 45.08.504
- 45.08.508 is subject to the rights of the
- (1) arising out of a security interest under a security agreement with the entitlement holder or otherwise; and
- (2) under other law, regulation, rule, or agreement to withhold performance of the duties of the securities intermediary
as a result of unfulfilled obligations of the entitlement holder to the securities intermediary.
- (d) AS 45.08.504
- 45.08.508 do not require a securities intermediary
to take action that is prohibited by other statute, regulation, or rule.
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