28-8-508. DUTY OF SECURITIES INTERMEDIARY TO CHANGE ENTITLEMENT HOLDER’S POSITION TO OTHER FORM 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.
History:
[28-8-508, added 1995, ch. 272, sec. 2, p. 898.]
Structure Idaho Code
Title 28 - COMMERCIAL TRANSACTIONS
Chapter 8 - INVESTMENT SECURITIES
Part 5 - SECURITY ENTITLEMENTS
Section 28-8-502 - ASSERTION OF ADVERSE CLAIM AGAINST ENTITLEMENT HOLDER.
Section 28-8-504 - DUTY OF SECURITIES INTERMEDIARY TO MAINTAIN FINANCIAL ASSET.
Section 28-8-505 - DUTY OF SECURITIES INTERMEDIARY WITH RESPECT TO PAYMENTS AND DISTRIBUTIONS.
Section 28-8-507 - DUTY OF SECURITIES INTERMEDIARY TO COMPLY WITH ENTITLEMENT ORDER.
Section 28-8-510 - RIGHTS OF PURCHASER OF SECURITY ENTITLEMENT FROM ENTITLEMENT HOLDER.
Section 28-8-511 - PRIORITY AMONG SECURITY INTERESTS AND ENTITLEMENT HOLDERS.