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§12A-8-508.
§12A-8-508.
Duty of Securities Intermediary to Change Entitlement Holder's
Position to Other Forms 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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