Me. Stat. tit. 11 § 8-1508

Current through 131st (2023-2024) Legislature Chapter 684

Section 8-1508 - 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 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: [1997, c. 429, Pt. B, §2(NEW).]

(1). The securities intermediary acts as agreed upon by the entitlement holder and the securities intermediary; or

[1997, c. 429, Pt. B, §2(NEW).]

(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.

[1997, c. 429, Pt. B, §2(NEW).]

11 M.R.S. § 8-1508

1997, c. 429, §B2 (NEW) .