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PART I. ADMINISTRATION OF THE GOVERNMENT

TITLE XV. REGULATION OF TRADE

CHAPTER 106. UNIFORM COMMERCIAL CODE
ARTICLE 8. INVESTMENT SECURITIES

PART 5. SECURITY ENTITLEMENTS

Chapter 106: Section 8-508. Duty of Securities Intermediary to Change Entitlement Holder’s Position to Other Form of Security Holding

Section 8-508. 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.