South Carolina Statutes
§ 36-8-508 — Duty of securities intermediary to change entitlement holder's 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.
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South Carolina § 36-8-508 (Duty of securities intermediary to change entitlement holder's position to other form of security holding.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.
Legislative History
HISTORY: 2001 Act No. 67, SECTION 5.
Nearby Sections
15
§ 36-8-101
Short title.§ 36-8-102
Definitions.§ 36-8-103
Rules for determining whether certain obligations and interests are securities or financial assets.§ 36-8-105
Notice of adverse claim.§ 36-8-106
Control.§ 36-8-108
Warranties in direct holding.§ 36-8-109
Warranties in indirect holding.§ 36-8-110
Applicability; choice of law.§ 36-8-111
Clearing corporation rules.§ 36-8-112
Creditor's legal process.§ 36-8-113
Statute of frauds inapplicable.