§490:8-105  Notice of adverse claim. 
(a)  A person has notice of an adverse claim if:



(1)  The person knows of the adverse claim;



(2)  The person is aware of facts sufficient to
indicate that there is a significant probability that the adverse claim exists
and deliberately avoids information that would establish the existence of the
adverse claim; or



(3)  The person has a duty, imposed by statute or
regulation, to investigate whether an adverse claim exists, and the
investigation so required would establish the existence of the adverse claim.



(b)  Having knowledge that a financial asset or
interest therein is or has been transferred by a representative imposes no duty
of inquiry into the rightfulness of a transaction and is not notice of an
adverse claim.  However, a person who knows that a representative has
transferred a financial asset or interest therein in a transaction that is, or
whose proceeds are being used, for the individual benefit of the representative
or otherwise in breach of duty has notice of an adverse claim.



(c)  An act or event that creates a right to
immediate performance of the principal obligation represented by a security
certificate or sets a date on or after which the certificate is to be presented
or surrendered for redemption or exchange does not itself constitute notice of
an adverse claim except in the case of a transfer more than:



(1)  One year after a date set for presentment or
surrender for redemption or exchange; or



(2)  Six months after a date set for payment of money
against presentation or surrender of the certificate, if money was available
for payment on that date.



(d)  A purchaser of a certificated security has
notice of an adverse claim if the security certificate:



(1)  Whether in bearer or registered form, has been
indorsed "for collection" or "for surrender" or for some
other purpose not involving transfer; or



(2)  Is in bearer form and has on it an unambiguous
statement that it is the property of a person other than the transferor, but
the mere writing of a name on the certificate is not such a statement.



(e)  Filing of a financing statement under
article 9 is not notice of an adverse claim to a financial asset. [L 1997, c
33, pt of §2]