(2) 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 the entitlement holder, the securities intermediary shall perform its duties and the entitlement holder shall exercise its rights in a commercially reasonable manner.
(3) The obligation of a securities intermediary to perform the duties imposed by ORS 78.5040, 78.5050, 78.5060, 78.5070 and 78.5080 is subject to:
(a) Rights of the securities intermediary arising out of a security interest under a security agreement with the entitlement holder or otherwise; and
(b) 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.
(4) ORS 78.5040, 78.5050, 78.5060, 78.5070 and 78.5080 do not require a securities intermediary to take any action that is prohibited by other statute, regulation or rule. [1995 c.328 §49]
Structure 2021 Oregon Revised Statutes
Volume : 02 - Business Organizations, Commercial Code
Chapter 078 - Investment Securities
Section 78.1020 - Definitions and index of definitions.
Section 78.1040 - Acquisition of security or financial asset or interest therein.
Section 78.1050 - Notice of adverse claim.
Section 78.1070 - Whether indorsement, instruction or entitlement order is effective.
Section 78.1080 - Warranties in direct holding.
Section 78.1090 - Warranties in indirect holding.
Section 78.1100 - Applicability; choice of law.
Section 78.1110 - Clearing corporation rules.
Section 78.1120 - Creditor’s legal process.
Section 78.1140 - Evidentiary rules concerning certificated securities.
Section 78.1150 - Securities intermediary and others not liable to adverse claimant.
Section 78.2030 - Staleness as notice of defects or defenses.
Section 78.2040 - Effect of issuer’s restriction on transfer.
Section 78.2050 - Effect of unauthorized signature on security certificate.
Section 78.2060 - Completion or alteration of security certificate.
Section 78.2070 - Rights of issuer with respect to registered owners.
Section 78.2080 - Effect of signature of authenticating trustee, registrar or transfer agent.
Section 78.3020 - Rights of purchaser.
Section 78.3030 - "Protected purchaser."
Section 78.3040 - Indorsement.
Section 78.3050 - Instruction.
Section 78.3060 - Effect of guaranteeing signature, indorsement or instruction.
Section 78.4010 - Duty of issuer to register transfer.
Section 78.4020 - Assurance that indorsement or instruction is effective.
Section 78.4030 - Demand that issuer not register transfer.
Section 78.4040 - Wrongful registration.
Section 78.4050 - Replacement of lost, destroyed or wrongfully taken security certificate.
Section 78.5040 - Duty of securities intermediary to maintain financial asset.
Section 78.5050 - Duty of securities intermediary with respect to payments and distributions.
Section 78.5070 - Duty of securities intermediary to comply with entitlement order.
Section 78.5100 - Rights of purchaser of security entitlement from entitlement holder.
Section 78.5110 - Priority among security interests and entitlement holders.