| (a) As provided by the depository account agreement,
a depository account holder may request a withdrawal from the depository
of a quantity of precious metal as is available in the depository
account holder's depository account. A withdrawal request must be
made using a form or format prescribed by the depository. The form
or format prescribed by the depository may be electronic and must
be submitted either on the depository website or in person to the
depository or a depository agent as provided in the account agreement
and in accordance with policies established by the depository. All
requests for withdrawals must be made in units of troy ounces pure
or other applicable weights and measures as established by the depository.
(b) Upon receipt of a withdrawal request by either
the depository or depository agent, the depository shall make a delivery
of the precious metals to the depository account holder within ten
business days.
(c) The depository may deliver precious metals to the
address the depository account holder designated as their address
of record, the facility of the depository agent at which presentment
was made, or at a facility designated by the depository.
(d) For the purposes of this chapter, the requirement
to make a delivery of precious metals upon presentment of a suitable
written demand within ten business days shall be considered met if
the precious metals are shipped to the depository account holder's
address of record or are otherwise made available for pick-up at the
facility of the depository at which presentment was made or a facility
designated by the depository on or before the tenth business day after
the written demand is received by the depository.
(e) For the purposes of this section, if a withdrawal
demand is made by a depository account holder whose withdrawal privileges
have been suspended for non-payment of fees or is made in connection
with the closure of a depository account, the obligation of the depository
to make delivery of precious metals within ten business days shall
only commence after all depository fees have been paid and any existing
liens or pledges have been released.
(f) If a withdrawal demand made under this chapter
would result in the value of precious metals held in the account to
be less than the fees that have accrued as of the date of the withdrawal
demand, the depository may request payment for the accrued fees and
the obligation of the depository to make delivery of precious metals
within ten business days shall only commence after all accrued depository
fees and other charges have been paid. If the depository account holder
does not pay the fees within ten business days, the depository may
withhold from delivery an amount of precious metals sufficient to
secure payment of any fees owed by the depository account holder as
of the date of the withdrawal.
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