§ 62A.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.
[1995 c 48 § 48.]
Notes:
Effective date -- 1995 c 48: See RCW 62A.11-113.
Sections: Previous 62A.8-405 62A.8-406 62A.8-407 62A.8-501 62A.8-502 62A.8-503 62A.8-504 62A.8-505 62A.8-506 62A.8-507 62A.8-508 62A.8-509 62A.8-510 62A.8-511 62A.8-601 Next
Last modified: April 7, 2009