New York Laws
Part 4 - Registration
8-508 - Duty of Securities Intermediary to Change Entitlement Holder's Position to Other Form of Security Holding.

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.

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