Del. C. » Title 6 — Commerce and Trade · SUBTITLE I. Uniform Commercial Code · ARTICLE 8. Investment Securities · Part 5. Security Entitlements
Delaware Code

6 Del. C. § 8-508 (2026)

Duty of securities intermediary to change entitlement holder’s position to other form of security holding

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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.

71 Del. Laws, c. 75, §  1; 
Notes of Decisions
Cited in 2 cases, 2015–2015 · leading case: In re Appraisal of Dell Inc., No. CA 9322-VCL (Del. Ch. July 13, 2015).
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In re Appraisal of Dell Inc., No. CA 9322-VCL (Del. Ch. July 13, 2015). “§ 8-508 (―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…”
In re Appraisal of Dell Inc., No. CA 9322-VCL, 2015 WL 4313206 (Del. Ch. July 30, 2015). “§ 8-508 (―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…”
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