New York Laws
Part 4 - Registration
8-509 - Specification of Duties of Securities Intermediary by Other Statute or Regulation; Manner of Performance of Duties of Securities Intermediary and Exer

(a) If the substance of a duty imposed upon a securities intermediary
by Sections 8--504 through 8--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 its duties and the
entitlement holder shall exercise its rights in a commercially
reasonable manner.
(c) The obligation of a securities intermediary to perform the duties
imposed by Sections 8--504 through 8--508 is subject to:
(1) rights of the securities intermediary arising out of a
security interest under a security agreement with the
entitlement holder or otherwise; and
(2) 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.
(d) Sections 8--504 through 8--508 do not require a securities
intermediary to take any action that is prohibited by other statute,
regulation, or rule.

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