47-8508. 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.
Section: Previous 47-8501 47-8502 47-8503 47-8504 47-8505 47-8506 47-8507 47-8508 47-8509 47-8510 47-8511 47-9101 47-9102 47-9103 47-9104 NextLast modified: October 13, 2016