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:
(1) The securities intermediary acts as agreed upon by the entitlement holder and the securities intermediary; or
(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.
Section: Previous 11-8-501 11-8-502 11-8-503 11-8-504 11-8-505 11-8-506 11-8-507 11-8-508 11-8-509 11-8-510 11-8-511 NextLast modified: October 14, 2016