Maine Revised Statutes
Part 5: SECURITY ENTITLEMENTS
11 §8-1508. Duty of securities intermediary to change entitlement holder's position to other form of security holding

§8-1508. 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:   [PL 1997, c. 429, Pt. B, §2 (NEW).]
(1).  The securities intermediary acts as agreed upon by the entitlement holder and the securities intermediary; or  
[PL 1997, c. 429, Pt. B, §2 (NEW).]
(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.  
[PL 1997, c. 429, Pt. B, §2 (NEW).]
SECTION HISTORY
PL 1997, c. 429, §B2 (NEW).

Structure Maine Revised Statutes