§ 8-508 — Duty of Securities Intermediary to change Entitlement Holder's Position to Other Form of Security Holding

Section 8--508. Duty of Securities Intermediary to change Entitlement\n Holder's Position to Other Form of Security Holding.\n A securities intermediary shall act at the direction of an entitlement\nholder to change a security entitlement into another available form of\nholding for which the entitlement holder is eligible, or to cause the\nfinancial asset to be transferred to a securities account of the\nentitlement holder with another securities intermediary. A securities\nintermediary satisfies the duty if:\n (1) the securities intermediary acts as agreed upon by the\n entitlement holder and the securities intermediary; or\n (2) in the absence of agreement, the securities intermediary\n exercises due care in accordance with reasonable commercial\n standards to follow the direction of the entitlement holder.\n