N.Y. Uniform Commercial Code Law Section 8-508
Duty of Securities Intermediary to change Entitlement Holder’s Position to Other Form of Security Holding

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.

Source: Section 8-508 — Duty of Securities Intermediary to change Entitlement Holder's Position to Other Form of Security Holding, https://www.­nysenate.­gov/legislation/laws/UCC/8-508 (updated Sep. 22, 2014; accessed Oct. 26, 2024).

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Accessed:
Oct. 26, 2024

Last modified:
Sep. 22, 2014

§ 8-508’s source at nysenate​.gov

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