13 Pa.C.S. § 8508
Duty of securities intermediary to change entitlement holder's position to other form of security holding
Pennsylvania · Pennsylvania Consolidated Statutes Title 13 — COMMERCIAL CODE · Status: effective
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- Citation
- 13 Pa.C.S. § 8508, Duty of securities intermediary to change entitlement holder's position to other form of security holding, Pennsylvania, version 1 as recorded 2026-09-27, yourstate.us, https://yourstate.us/provision/1380038
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Full text
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.