§ 6A-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 of Section.P.L. 2000, ch. 182, § 5; P.L. 2000, ch. 420, § 5.
Structure Rhode Island General Laws
Title 6A - Uniform Commercial Code
Chapter 6A-8 - Investment Securities
Part 5 - Security Entitlements
Section 6A-8-502. - Assertion of adverse claim against entitlement holder.
Section 6A-8-504. - Duty of securities intermediary to maintain financial asset.
Section 6A-8-505. - Duty of securities intermediary with respect to payments and distributions.
Section 6A-8-507. - Duty of securities intermediary to comply with entitlement order.
Section 6A-8-510. - Rights of purchaser of security entitlement from entitlement holder.
Section 6A-8-511. - Priority among security interests and entitlement holders.