Okla. Stat. tit. 12A, § 12A-8-504
This is the official text of Okla. Stat. tit. 12A, § 12A-8-504, part of Oklahoma’s Stat. tit. 12A, — part of the compiled statutory law of Oklahoma, published by the state as "Stat. tit. 12A,." Browse the sections below, each linked to its official government source.
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Duty of Securities Intermediary to Maintain Financial
Official statutory text
Asset.
Duty of Securities Intermediary to Maintain Financial Asset.
(a) A securities intermediary shall promptly obtain and
thereafter maintain a financial asset in a quantity corresponding to
the aggregate of all security entitlements it has established in
favor of its entitlement holders with respect to that financial
asset. The securities intermediary may maintain those financial
assets directly or through one or more other securities
intermediaries.
(b) Except to the extent otherwise agreed by its entitlement
holder, a securities intermediary may not grant any security
interests in a financial asset it is obligated to maintain pursuant
to subsection (a) of this section.
(c) A securities intermediary satisfies the duty in subsection
(a) of this section if:
(1) the securities intermediary acts with respect to the
duty as agreed upon by the entitlement holder and the
securities intermediary; or
(2) in the absence of agreement, the securities
intermediary exercises due care in accordance with
reasonable commercial standards to obtain and maintain
the financial asset.
(d) This section does not apply to a clearing corporation that
is itself the obligor of an option or similar obligation to which
its entitlement holders have security entitlements.
Duty of Securities Intermediary to Maintain Financial Asset.
(a) A securities intermediary shall promptly obtain and
thereafter maintain a financial asset in a quantity corresponding to
the aggregate of all security entitlements it has established in
favor of its entitlement holders with respect to that financial
asset. The securities intermediary may maintain those financial
assets directly or through one or more other securities
intermediaries.
(b) Except to the extent otherwise agreed by its entitlement
holder, a securities intermediary may not grant any security
interests in a financial asset it is obligated to maintain pursuant
to subsection (a) of this section.
(c) A securities intermediary satisfies the duty in subsection
(a) of this section if:
(1) the securities intermediary acts with respect to the
duty as agreed upon by the entitlement holder and the
securities intermediary; or
(2) in the absence of agreement, the securities
intermediary exercises due care in accordance with
reasonable commercial standards to obtain and maintain
the financial asset.
(d) This section does not apply to a clearing corporation that
is itself the obligor of an option or similar obligation to which
its entitlement holders have security entitlements.
Status: in_force · Read it on the official government site
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