Maryland Statutes
Subtitle 5 - Security Entitlements
Section 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.

Structure Maryland Statutes