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

New York Statutes

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

New York § 8-508

Law UCCUniform Commercial Code

Part 5Security Entitlements

Art. 8Investment Securities

This text of New York § 8-508 (Duty of Securities Intermediary to change Entitlement Holder's Position to Other Form of Security Holding) is published on Counsel Stack Legal Research, covering New York primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

N.Y. Uniform Commercial Code § 8-508 (2026).

Text

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 com

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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