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 Oklahoma Statutes (Last Updated: September 18, 2014)
 Title 12A. UNIFORM COMMERCIAL CODE

  § 12A-8-508. Duty of Securities Intermediary to Change Entitlement Holder's Position to Other Forms of Security Holding.  

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  • Duty of Securities Intermediary to Change Entitlement Holder's Position to Other Forms 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.

Added by Laws 1995, c. 242, § 48, eff. Feb. 1, 1996.