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§ 57A-8-508 Duty of securities intermediary to change entitlement holder's position to other form of security holding.

SD Codified L § 57A-8-508 (2019) (N/A)
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57A-8-508. 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:

(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.Source: SL 1998, ch 284, § 1.

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§ 57A-8-509 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.