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Vermont Statutes Title 9 A. Uniform Commercial Code, § 8-508. Duty of securities intermediary to change entitlement holder's position to other form of security holding

Current as of January 01, 2024 | Updated by FindLaw Staff

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.

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Cite this article: FindLaw.com - Vermont Statutes Title 9 A. Uniform Commercial Code, § 8-508. Duty of securities intermediary to change entitlement holder's position to other form of security holding - last updated January 01, 2024 | https://codes.findlaw.com/vt/title-9-a-uniform-commercial-code/vt-st-tit-9a-sect-8-508/

Read this complete Vermont Statutes Title 9 A. Uniform Commercial Code, § 8-508. Duty of securities intermediary to change entitlement holder's position to other form of security holding on Westlaw

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