§ 6A-8-115 - Securities intermediary and others not liable to adverse claimant. - Rhode-island Statutes

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Statutes > Rhode-island > Title-6a > Chapter-6a-8 > 6a-8-115

SECTION 6A-8-115

§ 6A-8-115 Securities intermediary andothers not liable to adverse claimant. – A securities intermediary that has transferred a financial asset pursuant to aneffective entitlement order, or a broker or other agent or bailee that hasdealt with a financial asset at the direction of its customer or principal, isnot liable to a person having an adverse claim to the financial asset, unlessthe securities intermediary, or broker or other agent or bailee:

(1) took the action after it had been served with aninjunction, restraining order, or other legal process enjoining it from doingso, issued by a court of competent jurisdiction, and had a reasonableopportunity to act on the injunction, restraining order, or other legalprocess; or

(2) acted in collusion with the wrongdoer in violating therights of the adverse claimant; or

(3) in the case of a security certificate that has beenstolen, acted with notice of the adverse claim.

State Codes and Statutes

Statutes > Rhode-island > Title-6a > Chapter-6a-8 > 6a-8-115

SECTION 6A-8-115

§ 6A-8-115 Securities intermediary andothers not liable to adverse claimant. – A securities intermediary that has transferred a financial asset pursuant to aneffective entitlement order, or a broker or other agent or bailee that hasdealt with a financial asset at the direction of its customer or principal, isnot liable to a person having an adverse claim to the financial asset, unlessthe securities intermediary, or broker or other agent or bailee:

(1) took the action after it had been served with aninjunction, restraining order, or other legal process enjoining it from doingso, issued by a court of competent jurisdiction, and had a reasonableopportunity to act on the injunction, restraining order, or other legalprocess; or

(2) acted in collusion with the wrongdoer in violating therights of the adverse claimant; or

(3) in the case of a security certificate that has beenstolen, acted with notice of the adverse claim.

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State Codes and Statutes

Statutes > Rhode-island > Title-6a > Chapter-6a-8 > 6a-8-115

SECTION 6A-8-115

§ 6A-8-115 Securities intermediary andothers not liable to adverse claimant. – A securities intermediary that has transferred a financial asset pursuant to aneffective entitlement order, or a broker or other agent or bailee that hasdealt with a financial asset at the direction of its customer or principal, isnot liable to a person having an adverse claim to the financial asset, unlessthe securities intermediary, or broker or other agent or bailee:

(1) took the action after it had been served with aninjunction, restraining order, or other legal process enjoining it from doingso, issued by a court of competent jurisdiction, and had a reasonableopportunity to act on the injunction, restraining order, or other legalprocess; or

(2) acted in collusion with the wrongdoer in violating therights of the adverse claimant; or

(3) in the case of a security certificate that has beenstolen, acted with notice of the adverse claim.