2007 ORS 78.5090¹
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

(1) If the substance of a duty imposed upon a securities intermediary by ORS 78.5040 (Duty of securities intermediary to maintain financial asset), 78.5050 (Duty of securities intermediary with respect to payments and distributions), 78.5060 (Duty of securities intermediary to exercise rights as directed by entitlement holder), 78.5070 (Duty of securities intermediary to comply with entitlement order) and 78.5080 (Duty of securities intermediary to change entitlement holder's position to other form of security holding) is the subject of other statute, regulation or rule, compliance with that statute, regulation or rule satisfies the duty.

(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 (Duty of securities intermediary to maintain financial asset), 78.5050 (Duty of securities intermediary with respect to payments and distributions), 78.5060 (Duty of securities intermediary to exercise rights as directed by entitlement holder), 78.5070 (Duty of securities intermediary to comply with entitlement order) and 78.5080 (Duty of securities intermediary to change entitlement holder's position to other form of security holding) 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 (Duty of securities intermediary to maintain financial asset), 78.5050 (Duty of securities intermediary with respect to payments and distributions), 78.5060 (Duty of securities intermediary to exercise rights as directed by entitlement holder), 78.5070 (Duty of securities intermediary to comply with entitlement order) and 78.5080 (Duty of securities intermediary to change entitlement holder's position to other form of security holding) do not require a securities intermediary to take any action that is prohibited by other statute, regulation or rule. [1995 c.328 §49]

1 Legislative Counsel Committee, CHAPTER 78—Investment Securities, https://­www.­oregonlegislature.­gov/­bills_laws/­ors/­078.­html (2007) (last ac­cessed Feb. 12, 2009).
 
2 OregonLaws.org contains the con­tents of Volume 21 of the ORS, inserted along­side the per­tin­ent statutes. See the preface to the ORS An­no­ta­tions for more information.
 
3 OregonLaws.org assembles these lists by analyzing references between Sections. Each listed item refers back to the current Section in its own text. The result reveals relationships in the code that may not have otherwise been apparent.