2004 Minnesota Statutes

     336.8-508 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. 

    HIST: 1995 c 194 art 1 s 48