104.8508 - Duty of securities intermediary to change entitlement holder’s position to other form of security holding. - Nevada Statutes

104.8508  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.  It acts as agreed upon by the entitlement holder and the securities intermediary; or

      2.  In the absence of agreement, it exercises due care in accordance with reasonable commercial standards to follow the direction of the entitlement holder.

      (Added to NRS by 1997, 369)