Delaware Code
6 Del. C. § 8-508 (2026)
Duty of securities intermediary to change entitlement holder’s position to other form of security holding
✓ current as of May 2026
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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. (Del. Ch. 2015).
In re Appraisal of Dell Inc. (Del. Ch. 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. (Del. Ch. 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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