Indiana § 26-1-8.1-508 Duty of securities intermediary to act at direction of entitlement holder

Indiana Statutes

§ 26-1-8.1-508 — Duty of securities intermediary to act at direction of entitlement holder

Indiana § 26-1-8.1-508

Title 26COMMERCIAL LAW

Art. 1UNIFORM COMMERCIAL CODE

Ch. 8.1Investment Securities

This text of Indiana § 26-1-8.1-508 (Duty of securities intermediary to act at direction of entitlement holder) is published on Counsel Stack Legal Research, covering Indiana primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Ind. Code § 26-1-8.1-508 (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:

(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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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.