§12A-8-508. Duty of Securities Intermediary to Change Entitlement
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/ok/title-12a-uniform-commercial-code/12a-8-508·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Holder's Position to Other Forms of Security Holding.
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. Added by Laws 1995, c. 242, § 48, eff. Feb. 1, 1996.