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 § 8508

Title 13COMMERCIAL CODE

Ch. 85SECURITY ENTITLEMENTS

This text of Pennsylvania § 8508 (Duty of securities intermediary to change entitlement holder's position to other form) is published on Counsel Stack Legal Research, covering Pennsylvania primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

13 Pa. Cons. Stat. § 8508 (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.