Okla. Stat. tit. 12A, § 12A-8-507
This is the official text of Okla. Stat. tit. 12A, § 12A-8-507, 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 Comply with
Official statutory text
Entitlement Order.
Duty of Securities Intermediary to Comply with Entitlement
Order.
(a) 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 order is genuine and
authorized, and the securities intermediary has had reasonable
opportunity to comply with the entitlement order. A securities
intermediary satisfies the duty if:
Oklahoma Statutes - Title 12A. Uniform Commercial Code Page 453
(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 comply with the
entitlement order.
(b) If a securities intermediary transfers a financial asset
pursuant to an ineffective entitlement order, the securities
intermediary shall reestablish a security entitlement in favor of
the person entitled to it, and pay or credit any payments or
distributions that the person did not receive as a result of the
wrongful transfer. If the securities intermediary does not
reestablish a security entitlement, the securities intermediary is
liable to the entitlement holder for damages.
Duty of Securities Intermediary to Comply with Entitlement
Order.
(a) 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 order is genuine and
authorized, and the securities intermediary has had reasonable
opportunity to comply with the entitlement order. A securities
intermediary satisfies the duty if:
Oklahoma Statutes - Title 12A. Uniform Commercial Code Page 453
(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 comply with the
entitlement order.
(b) If a securities intermediary transfers a financial asset
pursuant to an ineffective entitlement order, the securities
intermediary shall reestablish a security entitlement in favor of
the person entitled to it, and pay or credit any payments or
distributions that the person did not receive as a result of the
wrongful transfer. If the securities intermediary does not
reestablish a security entitlement, the securities intermediary is
liable to the entitlement holder for damages.
Status: in_force · Read it on the official government site
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