Alabama Statutes
§ 7-8-508 — 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.
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Alabama § 7-8-508 (Duty of Securities Intermediary to Change Entitlement Holder’s Position to Other Form of Security Holding) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.
Legislative History
(Acts 1996, No. 96-742, p. 1241, §1.)
Nearby Sections
15
§ 7-1-101
Short Titles§ 7-1-102
Scope of Article§ 7-1-104
Construction Against Implied Repeal§ 7-1-105
Severability§ 7-1-106
Use of Singular and Plural; Gender§ 7-1-107
Section Captions§ 7-1-109
Section Captions§ 7-1-201
General Definitions§ 7-1-202
Notice; Knowledge§ 7-1-204
Value§ 7-1-205
Reasonable Time; Seasonableness§ 7-1-206
Presumptions