11 §8-1508. Duty of securities intermediary to change entitlement holder's position to other form of security holding
Title 11: UNIFORM COMMERCIAL CODE
Article 8-A: INVESTMENT SECURITIES HEADING: PL 1997, C. 429, PT. B, §2 (NEW)
Part 5: SECURITY ENTITLEMENTS HEADING: PL 1997, C. 429, PT. B, §2 (NEW)
§8-1508. Duty of securities intermediary to change entitlement holder's position to other form of security holding
A securities intermediary shall act at the direction of an entitlement holder to change a security entitlement into another available form of holding for which the entitlement holder is eligible or to cause the financial asset to be transferred to a securities account of the entitlement holder with another securities intermediary. A securities intermediary satisfies the duty if: [1997, c. 429, Pt. B, §2 (NEW).]
(1). The securities intermediary acts as agreed upon by the entitlement holder and the securities intermediary; or
[ 1997, c. 429, Pt. B, §2 (NEW) .]
(2). In the absence of agreement, the securities intermediary exercises due care in accordance with reasonable commercial standards to follow the direction of the entitlement holder.
[ 1997, c. 429, Pt. B, §2 (NEW) .]
SECTION HISTORY
1997, c. 429, §B2 (NEW).