Pennsylvania § 8508 Duty of securities intermediary to change entitlement holder's position to other form

Pennsylvania Statutes

§ 8508 — Duty of securities intermediary to change entitlement holder's position to other form

Pennsylvania·Title 13 COMMERCIAL CODE·Ch. 85 SECURITY ENTITLEMENTS

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.

Pennsylvania § 8508 (Duty of securities intermediary to change entitlement holder's position to other form) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.