N.Y. UCC Law § 8-508
This is the official text of N.Y. UCC Law § 8-508, part of New York’s UCC Law — part of the compiled statutory law of New York, published by the state as "UCC Law." Browse the sections below, each linked to its official government source.
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Duty of Securities Intermediary to change Entitlement Holder's Position to Other Form of Security Holding
Official statutory text
Section 8--508. Duty of Securities Intermediary to change Entitlement\n Holder's Position to Other Form of Security Holding.\n A securities intermediary shall act at the direction of an entitlement\nholder to change a security entitlement into another available form of\nholding for which the entitlement holder is eligible, or to cause the\nfinancial asset to be transferred to a securities account of the\nentitlement holder with another securities intermediary. A securities\nintermediary satisfies the duty if:\n (1) the securities intermediary acts as agreed upon by the\n entitlement holder and the securities intermediary; or\n (2) in the absence of agreement, the securities intermediary\n exercises due care in accordance with reasonable commercial\n standards to follow the direction of the entitlement holder.\n
Status: in_force · Read it on the official government site
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