{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2026\/code-json\/8.8A-506.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2026\/code-text\/8.8A-506.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2026\/code-xml\/8.8A-506.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2026\/code-html\/8.8A-506.html"}],"law_id":378347,"edition_id":2,"section_id":378347,"structure_id":53762,"section_number":"8.8A-506","catch_line":"Duty of securities intermediary to exercise rights as directed by entitlement holder","history":"1996, c. 216.","full_text":"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:\n\n1\n\nthe securities intermediary acts with respect to the duty as agreed upon by the entitlement holder and the securities intermediary; or\n\n2\n\nin 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.\n\n","order_by":null,"text":{"0":{"id":1411722,"text":"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:","type":"section","prefixes":[""],"prefix":"","entire_prefix":"","prefix_anchor":"","level":1,"next_prefix":"1"},"1":{"id":1411723,"text":"the securities intermediary acts with respect to the duty as agreed upon by the entitlement holder and the securities intermediary; or","type":"section","prefixes":["1"],"prefix":"1","entire_prefix":"1","prefix_anchor":"1","level":1,"prior_prefix":"","next_prefix":"2"},"2":{"id":1411724,"text":"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.","type":"section","prefixes":["2"],"prefix":"2","entire_prefix":"2","prefix_anchor":"2","level":1,"prior_prefix":"1"}},"ancestry":[{"id":53762,"edition_id":2,"name":"Security Entitlements","identifier":"5","label":"part","depth":2,"order_by":5,"parent_id":53757,"metadata":{"child_laws":11,"child_structures":0},"date_created":"2026-08-02 03:21:53","date_modified":"2026-08-02 12:28:36","permalink":{"id":1510783,"object_type":"structure","relational_id":53762,"identifier":"5","token":"8.8A\/5","url":"\/8.8A\/5\/","edition_id":2,"permalink":0,"preferred":1}},{"id":53757,"edition_id":2,"name":"Commercial Code \u2014 Investment Securities","identifier":"8.8A","label":"title","depth":1,"order_by":28,"parent_id":null,"metadata":{"child_laws":52,"child_structures":6},"date_created":"2026-08-02 03:21:46","date_modified":"2026-08-02 12:28:35","permalink":{"id":1510613,"object_type":"structure","relational_id":53757,"identifier":"8.8A","token":"8.8A","url":"\/8.8A\/","edition_id":2,"permalink":0,"preferred":1}}],"structure_contents":[{"id":378342,"structure_id":53762,"section_number":"8.8A-501","catch_line":"Securities account; acquisition of security entitlement from securities intermediary","url":"\/8.8A-501\/","token":"8.8A\/5\/8.8A-501","metadata":false},{"id":378343,"structure_id":53762,"section_number":"8.8A-502","catch_line":"Assertion of adverse claim against entitlement holder","url":"\/8.8A-502\/","token":"8.8A\/5\/8.8A-502","metadata":false},{"id":378344,"structure_id":53762,"section_number":"8.8A-503","catch_line":"Property interest of entitlement holder in financial asset held by securities intermediary","url":"\/8.8A-503\/","token":"8.8A\/5\/8.8A-503","metadata":false},{"id":378345,"structure_id":53762,"section_number":"8.8A-504","catch_line":"Duty of securities intermediary to maintain financial asset","url":"\/8.8A-504\/","token":"8.8A\/5\/8.8A-504","metadata":false},{"id":378346,"structure_id":53762,"section_number":"8.8A-505","catch_line":"Duty of securities intermediary with respect to payments and distributions","url":"\/8.8A-505\/","token":"8.8A\/5\/8.8A-505","metadata":false},{"id":378347,"structure_id":53762,"section_number":"8.8A-506","catch_line":"Duty of securities intermediary to exercise rights as directed by entitlement holder","url":"\/8.8A-506\/","token":"8.8A\/5\/8.8A-506","metadata":{"court_decisions":""}},{"id":378348,"structure_id":53762,"section_number":"8.8A-507","catch_line":"Duty of securities intermediary to comply with entitlement order","url":"\/8.8A-507\/","token":"8.8A\/5\/8.8A-507","metadata":{"court_decisions":""}},{"id":378349,"structure_id":53762,"section_number":"8.8A-508","catch_line":"Duty of securities intermediary to change entitlement holder's position to other form of security holding","url":"\/8.8A-508\/","token":"8.8A\/5\/8.8A-508","metadata":false},{"id":378350,"structure_id":53762,"section_number":"8.8A-509","catch_line":"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","url":"\/8.8A-509\/","token":"8.8A\/5\/8.8A-509","metadata":false},{"id":378351,"structure_id":53762,"section_number":"8.8A-510","catch_line":"Rights of purchaser of security entitlement from entitlement holder","url":"\/8.8A-510\/","token":"8.8A\/5\/8.8A-510","metadata":false},{"id":378352,"structure_id":53762,"section_number":"8.8A-511","catch_line":"Priority among security interests and entitlement holders","url":"\/8.8A-511\/","token":"8.8A\/5\/8.8A-511","metadata":false}],"previous_section":{"id":378346,"structure_id":53762,"section_number":"8.8A-505","catch_line":"Duty of securities intermediary with respect to payments and distributions","url":"\/8.8A-505\/","token":"8.8A\/5\/8.8A-505","metadata":false},"next_section":{"id":378348,"structure_id":53762,"section_number":"8.8A-507","catch_line":"Duty of securities intermediary to comply with entitlement order","url":"\/8.8A-507\/","token":"8.8A\/5\/8.8A-507","metadata":{"court_decisions":""}},"metadata":{"court_decisions":""},"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/8.8A-506\/","history_text":"

This law was first created in 1996. The record of its establishment is cataloged in chapter 216<\/a> of that year\u2019s edition of \u201cActs of Assembly,\u201d the annual state publication listing all changes made to the Code of Virginia in that year.<\/p>","references":false,"refers_to":false,"permalink":{"id":1510805,"object_type":"law","relational_id":378347,"identifier":"8.8A-506","token":"8.8A\/5\/8.8A-506","url":"\/8.8A-506\/","edition_id":2,"permalink":0,"preferred":1},"url":"\/8.8A-506\/","token":"8.8A\/5\/8.8A-506","dublin_core":{"Title":"Duty of securities intermediary to exercise rights as directed by entitlement holder","Type":"Text","Format":"text\/html","Identifier":"\u00a7 8.8A-506","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

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:<\/p><\/section>\n\t\t\t\t\t\t

1.<\/span> the securities intermediary acts with respect to the duty as agreed upon by the entitlement holder and the securities intermediary; or <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

2.<\/span> 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. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nDUTY OF SECURITIES INTERMEDIARY TO EXERCISE RIGHTS AS DIRECTED BY ENTITLEMENT\nHOLDER (\u00a7 8.8A-506)\n\nA securities intermediary shall exercise rights with respect to a financial\nasset if directed to do so by an entitlement holder. A securities intermediary\nsatisfies the duty if:\n\n1. the securities intermediary acts with respect to the duty as agreed upon by\nthe entitlement holder and the securities intermediary; or\n\n2. in the absence of agreement, the securities intermediary either places the\nentitlement holder in a position to exercise the rights directly or exercises\ndue care in accordance with reasonable commercial standards to follow the\ndirection of the entitlement holder.\n\nHISTORY: 1996, c. 216.","edition":{"id":2,"name":"2026","slug":"2026","date_created":"2026-07-16 18:40:23","date_modified":"2026-08-02 15:14:36","current":1,"order_by":2,"last_import":"2026-08-02 12:37:30"}}