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:
(A) The securities intermediary acts as agreed upon by the entitlement holder and the securities intermediary; or
(B) 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.
Effective Date: 01-01-1998
Section: Previous 1308.41 1308.42 1308.43-1308.44 1308.51 1308.52 1308.53 1308.54 1308.55 1308.56 1308.57 1308.58 1308.59 1308.60 1308.61 NextLast modified: October 10, 2016