Duty of securities intermediary to change entitlement holder’s position to other form of security holding.

Del. Code tit. 6, § 8-508
in effect
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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.
Source: DE Code (Official Site)URL: https://delcode.delaware.gov/title6/c008/sc05/index.htmlFetched: 10/4/2026

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