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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.
Cite this article: FindLaw.com - Alaska Statutes Title 45. Trade and Commerce § 45.08.508. Duty of securities intermediary to change entitlement holder's position to other form of security holding - last updated April 21, 2021 | https://codes.findlaw.com/ak/title-45-trade-and-commerce/ak-st-sect-45-08-508/
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