57A-8-509. Specification of duties of securities intermediary by other statute or regulation; 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 §§57A-8-504 to 57A-8-508, inclusive, 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 §§57A-8-504 to 57A-8-508, inclusive, 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 57A-8-504 to 57A-8-508, inclusive, do not require a securities intermediary to take any action that is prohibited by other statute, regulation, or rule.
Source: SL 1998, ch 284, §1.
Structure South Dakota Codified Laws
Title 57A - Uniform Commercial Code
Chapter 08 - Investment Securities
Section 57A-8-101 - Short title.
Section 57A-8-102 - Definitions.
Section 57A-8-104 - Acquisition of security or financial asset or interest therein.
Section 57A-8-105 - Notice of adverse claim.
Section 57A-8-107 - Whether endorsement, instruction, or entitlement order is effective.
Section 57A-8-108 - Warranties in direct holding.
Section 57A-8-109 - Warranties in indirect holding.
Section 57A-8-110 - Applicability--Choice of law.
Section 57A-8-111 - Clearing corporation rules.
Section 57A-8-112 - Creditor's legal process.
Section 57A-8-113 - Statute of frauds inapplicable.
Section 57A-8-114 - Evidentiary rules concerning certificated securities.
Section 57A-8-115 - Securities intermediary and others not liable to adverse claimant.
Section 57A-8-116 - Securities intermediary as purchaser for value.
Section 57A-8-202 - Issuer's responsibility and defenses; notice of defect or defense.
Section 57A-8-203 - Staleness as notice of defect or defense.
Section 57A-8-204 - Effect of issuer's restriction on transfer.
Section 57A-8-205 - Effect of unauthorized signature on security certificate.
Section 57A-8-206 - Completion or alteration of security certificate.
Section 57A-8-207 - Rights and duties of issuer with respect to registered owners.
Section 57A-8-208 - Effect of signature of authenticating trustee, registrar, or transfer agent.
Section 57A-8-209 - Issuer's lien.
Section 57A-8-210 - Overissue.
Section 57A-8-302 - Rights of purchaser.
Section 57A-8-303 - Protected purchaser.
Section 57A-8-304 - Indorsement.
Section 57A-8-305 - Instruction.
Section 57A-8-306 - Effect of guaranteeing signature, indorsement, or instruction.
Section 57A-8-307 - Purchaser's right to requisites for registration of transfer.
Section 57A-8-401 - Duty of issuer to register transfer.
Section 57A-8-402 - Assurance that indorsement or instruction is effective.
Section 57A-8-403 - Demand that issuer not register transfer.
Section 57A-8-404 - Wrongful registration.
Section 57A-8-405 - Replacement of lost, destroyed, or wrongfully taken security certificate.
Section 57A-8-407 - Authenticating trustee, transfer agent, and registrar.
Section 57A-8-502 - Assertion of adverse claim against entitlement holder.
Section 57A-8-504 - Duty of securities intermediary to maintain financial asset.
Section 57A-8-505 - Duty of securities intermediary with respect to payments and distributions.
Section 57A-8-507 - Duty of securities intermediary to comply with entitlement order.
Section 57A-8-510 - Rights of purchaser of security entitlement from entitlement holder.
Section 57A-8-511 - Priority among security interests and entitlement holders.