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2017 South Carolina Code of Laws
Title 36 - Commercial Code
CHAPTER 8 - COMMERCIAL CODE - INVESTMENT SECURITIES
Section 36-8-508. Duty of securities intermediary to change entitlement holder ' s position to other form of security holding.
Universal Citation: SC Code § 36-8-508 (2017)
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: 2001 Act No. 67, Section 5.
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