California § 8508. 8508. (Added by Stats. 1996, Ch. 497, Sec. 9.)

California Statutes

§ 8508. — 8508. (Added by Stats. 1996, Ch. 497, Sec. 9.)

California § 8508.

Code COMCommercial Code - COM

Div. 8.DIVISION 8. INVESTMENT SECURITIES

Ch. 5.CHAPTER 5. Security Entitlements

This text of California § 8508. (8508. (Added by Stats. 1996, Ch. 497, Sec. 9.)) is published on Counsel Stack Legal Research, covering California primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Cal. Commercial Code - COM Code § 8508. (2026).

Text

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 it does either of the following:

(1)The securities intermediary acts as agreed upon by the entitlement holder and the securities intermediary.

(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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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 it does either of the following:
(1)
The securities intermediary acts as agreed upon by the entitlement holder and the securities intermediary.
(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.

Legislative History

Added by Stats. 1996, Ch. 497, Sec. 9. Effective January 1, 1997.

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California § 8508., Counsel Stack Legal Research, https://law.counselstack.com/statute/ca/COM/8508..