400.8-115. Securities intermediary and others not liable to adverse claimant. - Missouri Statutes

State Codes and Statutes

Statutes > Missouri > T26 > C400 > 400_8-115

Securities intermediary and others not liable to adverse claimant.

400.8-115. A securities intermediary that has transferred afinancial asset pursuant to an effective entitlement order, or a broker orother agent or bailee that has dealt with a financial asset at thedirection of its customer or principal, is not liable to a person having anadverse claim to the financial asset, unless the securities intermediary,or 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, issuedby a court of competent jurisdiction, and had a reasonable opportunity toact on the injunction, restraining order or other legal process; or

(2) Acted in collusion with the wrongdoer in violating the rights ofthe adverse claimant; or

(3) In the case of a security certificate that has been stolen, actedwith notice of the adverse claim.

(L. 1997 S.B. 6)

State Codes and Statutes

Statutes > Missouri > T26 > C400 > 400_8-115

Securities intermediary and others not liable to adverse claimant.

400.8-115. A securities intermediary that has transferred afinancial asset pursuant to an effective entitlement order, or a broker orother agent or bailee that has dealt with a financial asset at thedirection of its customer or principal, is not liable to a person having anadverse claim to the financial asset, unless the securities intermediary,or 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, issuedby a court of competent jurisdiction, and had a reasonable opportunity toact on the injunction, restraining order or other legal process; or

(2) Acted in collusion with the wrongdoer in violating the rights ofthe adverse claimant; or

(3) In the case of a security certificate that has been stolen, actedwith notice of the adverse claim.

(L. 1997 S.B. 6)

State Codes and Statutes

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State Codes and Statutes

Statutes > Missouri > T26 > C400 > 400_8-115

Securities intermediary and others not liable to adverse claimant.

400.8-115. A securities intermediary that has transferred afinancial asset pursuant to an effective entitlement order, or a broker orother agent or bailee that has dealt with a financial asset at thedirection of its customer or principal, is not liable to a person having anadverse claim to the financial asset, unless the securities intermediary,or 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, issuedby a court of competent jurisdiction, and had a reasonable opportunity toact on the injunction, restraining order or other legal process; or

(2) Acted in collusion with the wrongdoer in violating the rights ofthe adverse claimant; or

(3) In the case of a security certificate that has been stolen, actedwith notice of the adverse claim.

(L. 1997 S.B. 6)