25-8-508. 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. (1997-181, s. 1.)
Structure North Carolina General Statutes
North Carolina General Statutes
Chapter 25 - Uniform Commercial Code
Article 8 - Investment Securities.
§ 25-8-104 - Acquisition of security or financial asset or interest therein.
§ 25-8-105 - Notice of adverse claim.
§ 25-8-107 - Whether indorsement, instruction, or entitlement order is effective.
§ 25-8-108 - Warranties in direct holding.
§ 25-8-109 - Warranties in indirect holding.
§ 25-8-110 - Applicability; choice of law.
§ 25-8-111 - Clearing corporation rules.
§ 25-8-112 - Creditor's legal process.
§ 25-8-113 - Statute of frauds inapplicable.
§ 25-8-114 - Evidentiary rules concerning certificated securities.
§ 25-8-115 - Securities intermediary and others not liable to adverse claimant.
§ 25-8-116 - Securities intermediary as purchaser for value.
§ 25-8-202 - Issuer's responsibility and defenses; notice of defect or defense.
§ 25-8-203 - Staleness as notice of defect or defense.
§ 25-8-204 - Effect of issuer's restriction on transfer.
§ 25-8-205 - Effect of unauthorized signature on security certificate.
§ 25-8-206 - Completion of alteration of security certificate.
§ 25-8-207 - Rights and duties of issuer with respect to registered owners.
§ 25-8-208 - Effect of signature of authenticating trustee, registrar, or transfer agent.
§ 25-8-302 - Rights of purchaser.
§ 25-8-303 - Protected purchaser.
§ 25-8-306 - Effect of guaranteeing signature, indorsement, or instruction.
§ 25-8-307 - Purchaser's right to requisites for registration of transfer.
§ 25-8-401 - Duty of issuer to register transfer.
§ 25-8-402 - Assurance that indorsement or instruction is effective.
§ 25-8-403 - Demand that issuer not register transfer.
§ 25-8-404 - Wrongful registration.
§ 25-8-405 - Replacement of lost, destroyed, or wrongfully taken security certificate.
§ 25-8-407 - Authenticating trustee, transfer agent, and registrar.
§ 25-8-501 - Securities account; acquisition of security entitlement from securities intermediary.
§ 25-8-502 - Assertion of adverse claim against entitlement holder.
§ 25-8-504 - Duty of securities intermediary to maintain financial asset.
§ 25-8-505 - Duty of securities intermediary with respect to payments and distributions.
§ 25-8-506 - Duty of securities intermediary to exercise rights as directed by entitlement holder.
§ 25-8-507 - Duty of securities intermediary to comply with entitlement order.
§ 25-8-510 - Rights of purchaser of security entitlement from entitlement holder.
§ 25-8-511 - Priority among security interests and entitlement holders.