47-8115. 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,
broker or other agent or bailee:
1. Took the action after it had 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;
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.
|