Michigan § 440.8506 - Duty of securities intermediary to exercise rights with respect to financial asset; conditions.
Full text of Michigan Michigan Compiled Laws § 440.8506 — Duty of securities intermediary to exercise rights with respect to financial asset; conditions., with citation guidance and answers to common questions.
§ 440.8506. Duty of securities intermediary to exercise rights with respect to financial asset; conditions.
A securities intermediary shall exercise rights with respect to a financial asset if directed to do so by an entitlement holder. The duty is satisfied if the securities intermediary does either of the following:
Acts with respect to the duty as agreed upon by the entitlement holder and the securities intermediary.
In the absence of agreement, either places the entitlement holder in a position to exercise the rights directly or exercises due care in accordance with reasonable commercial standards to follow the direction of the entitlement holder.
Source: official Michigan text · Last verified 2026-08-27
Frequently Asked Questions About Michigan § 440.8506
What does Michigan Compiled Laws § 440.8506 cover?
Section 440.8506 ("Duty of securities intermediary to exercise rights with respect to financial asset; conditions.") is part of the Michigan Compiled Laws, the codified statutory law of Michigan. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Michigan § 440.8506?
A common citation format is "Michigan Compiled Laws § 440.8506" (Michigan). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Michigan law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Michigan official source linked on this page or consult a licensed Michigan attorney.
How does Michigan § 440.8506 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Michigan can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Michigan.