LegalFix
Sign In

11 §8-1508. Duty of securities intermediary to change entitlement holder's position to other form of security holding

11 ME Rev Stat § 8-1508 (2019) (N/A)
Copy with citation
Copy as parenthetical citation

§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:   [PL 1997, c. 429, Pt. B, §2 (NEW).]

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

[PL 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.

[PL 1997, c. 429, Pt. B, §2 (NEW).]

SECTION HISTORY

PL 1997, c. 429, §B2 (NEW).

Previous Section
11 §8-1507. Duty of securities intermediary to comply with entitlement order
Next Section
11 §8-1509. Specification of duties of securities intermediary by other statute or regulation; manner of performance of duties of securities intermediary and exercise of rights of entitlement holder