N.J.S.A. 12A:8-508 — Duty of Securities Intermediary to Change Entitlement Holder's Position to Other Form of Security Holding.

12A: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: a. the securities intermediary acts as agreed upon by the entitlement holder and the securities intermediary; or b. 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. L.1997,c.252,s.1.

This is the verbatim text of N.J.S.A. 12A:8-508, retrieved from the New Jersey Legislature's public statute corpus. Statutes are amended periodically — for the most current version, check the external source link above. Kyzer is not a law firm and this page is not legal advice.