Duty of Securities Intermediary to Change Entitlement Holder's Position to Other Form of Security Holding.

N.J. Stat. § 12A: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: 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.
Source: Open US Law by Vaquill AI (CC BY 4.0)URL: https://www.njleg.state.nj.us/legislative-activity/statutesFetched: 10/17/2026

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