IC 26-1-8.1-508 — Duty of securities intermediary to act at direction of entitlement holder
Chapter 8.1. Investment Securities
Section text
Sec. 508. 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.
As added by P.L.247-1995, SEC.10.
Source: official publisher (2026 edition)