554.8508 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 holderis eligible, or to cause the financial asset to be transferred to a securities account of theentitlement holder with another securities intermediary. A securities intermediary satisfiesthe 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 entitlementholder. 96 Acts, ch 1138, §55, 84Referred to in §554.8503, 554.8509 Sat Dec 23 01:58:51 2023 Iowa Code 2024, Section 554.8508 (24, 0)
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