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.
1996, c. 216.
Structure Code of Virginia
Title 8.8A - Commercial Code - Investment Securities
§ 8.8A-501. Securities account; acquisition of security entitlement from securities intermediary
§ 8.8A-502. Assertion of adverse claim against entitlement holder
§ 8.8A-504. Duty of securities intermediary to maintain financial asset
§ 8.8A-505. Duty of securities intermediary with respect to payments and distributions
§ 8.8A-506. Duty of securities intermediary to exercise rights as directed by entitlement holder
§ 8.8A-507. Duty of securities intermediary to comply with entitlement order
§ 8.8A-510. Rights of purchaser of security entitlement from entitlement holder
§ 8.8A-511. Priority among security interests and entitlement holders