WVC 46 - 8 - 508
§46-8-508. 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
(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.
Note: WV Code updated with legislation passed through the 2013 1st Special Session
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