2007 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.
History: 1995 c 194 art 1 s 48