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§ 8-508. Duty of Securities Intermediary to Change Entitlement Holder's Position to Other F...

Oklahoma Statutes AnnotatedTitle 12A. Commercial Code

Oklahoma Statutes Annotated
Title 12a. Commercial Code (Refs & Annos)
Article 8. Investment Securities (Refs & Annos)
Part 5. Security Entitlements
12A Okl.St.Ann. § 8-508
§ 8-508. Duty of Securities Intermediary to Change Entitlement Holder's Position to Other Forms of Security Holding
Currentness
Duty of Securities Intermediary to Change Entitlement Holder's Position to Other Forms 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.

Credits

Laws 1995, c. 242, § 48, eff. Feb. 1, 1996.
12A Okl. St. Ann. § 8-508, OK ST T. 12A § 8-508
Current with emergency effective legislation through Chapter 257 of the Second Regular Session of the 59th Legislature (2024). Some sections may be more current, see credits for details.
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