47-8508

47-8508. 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.