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Duty of securities intermediary to change entitlement holder's position to other form of security holding - 13 Pa. Cons. Stat. § 8508

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     § 8508.  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.

        Cross References.  Section 8508 is referred to in sections
     8503, 8509 of this title.

Last modified: November 27, 2007