400.8-508. Duty of securities intermediary to change entitlement holder's position to other form of security holding. - Missouri Statutes

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Statutes > Missouri > T26 > C400 > 400_8-508

Duty of securities intermediary to change entitlement holder'sposition to other form of security holding.

400.8-508. A securities intermediary shall act at the direction ofan entitlement holder to change a security entitlement into anotheravailable form of holding for which the entitlement holder is eligible, orto cause the financial asset to be transferred to a securities account ofthe entitlement holder with another securities intermediary. A securitiesintermediary satisfies the duty if:

(1) The securities intermediary acts as agreed upon by theentitlement holder and the securities intermediary; or

(2) In the absence of agreement, the securities intermediaryexercises due care in accordance with reasonable commercial standards tofollow the direction of the entitlement holder.

(L. 1997 S.B. 6)

State Codes and Statutes

Statutes > Missouri > T26 > C400 > 400_8-508

Duty of securities intermediary to change entitlement holder'sposition to other form of security holding.

400.8-508. A securities intermediary shall act at the direction ofan entitlement holder to change a security entitlement into anotheravailable form of holding for which the entitlement holder is eligible, orto cause the financial asset to be transferred to a securities account ofthe entitlement holder with another securities intermediary. A securitiesintermediary satisfies the duty if:

(1) The securities intermediary acts as agreed upon by theentitlement holder and the securities intermediary; or

(2) In the absence of agreement, the securities intermediaryexercises due care in accordance with reasonable commercial standards tofollow the direction of the entitlement holder.

(L. 1997 S.B. 6)

State Codes and Statutes

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State Codes and Statutes

Statutes > Missouri > T26 > C400 > 400_8-508

Duty of securities intermediary to change entitlement holder'sposition to other form of security holding.

400.8-508. A securities intermediary shall act at the direction ofan entitlement holder to change a security entitlement into anotheravailable form of holding for which the entitlement holder is eligible, orto cause the financial asset to be transferred to a securities account ofthe entitlement holder with another securities intermediary. A securitiesintermediary satisfies the duty if:

(1) The securities intermediary acts as agreed upon by theentitlement holder and the securities intermediary; or

(2) In the absence of agreement, the securities intermediaryexercises due care in accordance with reasonable commercial standards tofollow the direction of the entitlement holder.

(L. 1997 S.B. 6)