Ind. Code § 26-1-8.1-508

Current through P.L. 171-2024

Section 26-1-8.1-508 - Duty of securities intermediary to act at direction of entitlement holder

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.

IC 26-1-8.1-508

As added by P.L. 247-1995, SEC.10.