§ 41-08-48 — (8-508) Duty of securities intermediary to change entitlement holder's position to other form of security holding

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.