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.
Structure Arkansas Code
Title 4 - Business and Commercial Law
Subtitle 1 - Uniform Commercial Code
Chapter 8 - Investment Securities
Part 5 - Security Entitlements
§ 4-8-501. Securities account — Acquisition of security entitlement from securities intermediary
§ 4-8-502. Assertion of adverse claim against entitlement holder
§ 4-8-504. Duty of securities intermediary to maintain financial asset
§ 4-8-505. Duty of securities intermediary with respect to payments and distributions
§ 4-8-506. Duty of securities intermediary to exercise rights as directed by entitlement holder
§ 4-8-507. Duty of securities intermediary to comply with entitlement order
§ 4-8-510. Rights of purchaser of security entitlement from entitlement holder
§ 4-8-511. Priority among security interests and entitlement holders