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The Legislative Service Commission staff updates the Revised Code on an ongoing basis, as it completes its act review of enacted legislation. Updates may be slower during some times of the year, depending on the volume of enacted legislation.

Section 1308.58 | Duty of securities intermediary to change entitlement holder's position to other form of security holding - UCC 8-508.

Ohio Revised Code
/
Title 13 Commercial Transactions
/
Chapter 1308 Investment Securities
 
Effective:
January 1, 1998
Latest Legislation:
House Bill 170 - 122nd General Assembly
PDF:
Download Authenticated PDF
 

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:

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

(B) 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.

Available Versions of this Section