408.508 Duty of securities intermediary to change entitlement holder's position to other form of security holding. - Wisconsin Statutes

408.508

408.508 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:

408.508(1)

(1) The securities intermediary acts as agreed upon by the entitlement holder and the securities intermediary; or

408.508(2)

(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.

408.508 - ANNOT.

History: 1997 a. 297.