§12A-8-115. Securities Intermediary and Others Not Liable to
168 words·~1 min read·
/ok/title-12a-uniform-commercial-code/12a-8-115·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Adverse Claimant.
Securities Intermediary and Others Not Liable to Adverse Claimant.
A securities intermediary that has transferred a financial asset pursuant to an effective entitlement order, or a broker or other agent or bailee that has dealt with a financial asset at the direction of its customer or principal, is not liable to a person having an adverse claim to the financial asset, unless the securities intermediary, or broker or other agent or bailee:
(1)took the action after it has been served with an
injunction, restraining order, or other legal process
enjoining it from doing so, issued by a court of
competent jurisdiction, and had a reasonable
opportunity to act on the injunction, restraining
order, or other legal process; or
(2)acted in collusion with the wrongdoer in violating the
rights of the adverse claimant; or
(3)in the case of a security certificate that has been
stolen, acted with notice of the adverse claim. Added by Laws 1995, c. 242, § 15, eff. Feb. 1, 1996.