{"data":{"id":"us-ny/n.y.-uniform-commercial-code-law-8-508","jurisdiction":"us-ny","citation":"N.Y. Uniform Commercial Code Law § 8-508","heading":"Duty of Securities Intermediary to change Entitlement Holder's Position to Other Form of Security Holding","body":"Section 8--508. Duty of Securities Intermediary to change Entitlement\n                  Holder's Position to Other Form of Security Holding.\n  A securities intermediary shall act at the direction of an entitlement\nholder to change a security entitlement into another available form of\nholding for which the entitlement holder is eligible, or to cause the\nfinancial asset to be transferred to a securities account of the\nentitlement holder with another securities intermediary. A securities\nintermediary satisfies the duty if:\n       (1) the securities intermediary acts as agreed upon by the\n           entitlement holder and the securities intermediary; or\n       (2) in the absence of agreement, the securities intermediary\n           exercises due care in accordance with reasonable commercial\n           standards to follow the direction of the entitlement holder.","path":["Uniform Commercial Code Law","Article 8. Investment Securities","Part 5. Security Entitlements"],"source_url":"https://legislation.nysenate.gov/api/3/laws/UCC/8-508","current_through":"2026-09-11","vintage":"","retrieved_at":"2026-09-14T19:32:45Z","sha256":"162ef90e894fbc74a660280b3574819dac133b48323ea50f5bf04cb1932df3d4","source_id":"us-ny","stale":false,"prev":"us-ny/n.y.-uniform-commercial-code-law-8-507","next":"us-ny/n.y.-uniform-commercial-code-law-8-509"},"notice":"GroundRules: Original legal text. Not legal advice."}