(8-508) Duty of securities intermediary to change entitlement holder's position to other form of security holding

N.D. Cent. Code § 41-08-48
in effect
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41-08-48. (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 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.
Source: Open US Law by Vaquill AI (CC BY 4.0)URL: https://ndlegis.gov/cencode/t41c08.pdf#nameddest=41-08-48Fetched: 10/16/2026

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