Code of Alabama |
Match Context and Document information |
URL: | http://alisondb.legislature.state.al.us/alison/CodeOfAlabama /1975/7-8-508.htm |
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Depth: | 0 singles |
Size: | 1,165 bytes |
Modified: | 2006-12-11 09:10:04 |
Categories: | -None- |
Title: | 7-8-508 |
Description: | -None- |
Keywords: | -None- |
Meta data: | -None- |
Body: | Section 7-8-508 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. (Acts 1996, No. 96-742, p. 1241, ยง1.) |