§490:8-508 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:
(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. [L 1997, c 33, pt of §2]
Section: Previous 490-8-501 490-8-502 490-8-503 490-8-504 490-8-505 490-8-506 490-8-507 490-8-508 490-8-509 490-8-510 490-8-511 490-9-101-to-490-9-507 490-9-102 490-9-103 490-9-104 NextLast modified: October 27, 2016