New York Uniform Commercial Code Law Section 8-508 - Duty of Securities Intermediary to change Entitlement Holder's Position to Other Form of Security Holding.

Section 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.

Last modified: February 3, 2019