Tennessee § 47-8-506 - Duty of securities intermediary to exercise rights as directed by entitlement holder.
Full text of Tennessee Tennessee Code Annotated § 47-8-506 — Duty of securities intermediary to exercise rights as directed by entitlement holder., with citation guidance and answers to common questions.
§ 47-8-506. Duty of securities intermediary to exercise rights as directed by entitlement holder.
A securities intermediary shall exercise rights with respect to a financial asset if directed to do so by an entitlement holder. A securities intermediary satisfies the duty if: the securities intermediary acts with respect to the duty as agreed upon by the entitlement holder and the securities intermediary; or in the absence of agreement, the securities intermediary 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. Acts 1997, ch. 79, § 1.
Source: official Tennessee text · Last verified 2026-08-27
Frequently Asked Questions About Tennessee § 47-8-506
What does Tennessee Code Annotated § 47-8-506 cover?
Section 47-8-506 ("Duty of securities intermediary to exercise rights as directed by entitlement holder.") is part of the Tennessee Code Annotated, the codified statutory law of Tennessee. 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 Tennessee § 47-8-506?
A common citation format is "Tennessee Code Annotated § 47-8-506" (Tennessee). 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 Tennessee law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Tennessee official source linked on this page or consult a licensed Tennessee attorney.
How does Tennessee § 47-8-506 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Tennessee 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 Tennessee.