(810 ILCS 5/8-508)
Sec. 8-508.
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:
(1) the securities intermediary acts as agreed upon |
| by the entitlement holder and the securities intermediary; or
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(2) in the absence of agreement, the securities
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| intermediary exercises due care in accordance with reasonable commercial standards to follow the direction of the entitlement holder.
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(Source: P.A. 89-364, eff. 1-1-96.)
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