70A-8-114 - Securities intermediary and others not liable to adverse claimant. - Utah Statutes

State Codes and Statutes

Statutes > Utah > Title-70a > Chapter-08 > 70a-8-114

70A-8-114. Securities intermediary and others not liable to adverse claimant.
A securities intermediary that has transferred a financial asset pursuant to an effectiveentitlement order, or a broker or other agent or bailee that has dealt with a financial asset at thedirection of its customer or principal, is not liable to a person having an adverse claim to thefinancial 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 otherlegal process enjoining it from doing so, issued by a court of competent jurisdiction, and had areasonable 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 theadverse claim.

Enacted by Chapter 204, 1996 General Session

State Codes and Statutes

Statutes > Utah > Title-70a > Chapter-08 > 70a-8-114

70A-8-114. Securities intermediary and others not liable to adverse claimant.
A securities intermediary that has transferred a financial asset pursuant to an effectiveentitlement order, or a broker or other agent or bailee that has dealt with a financial asset at thedirection of its customer or principal, is not liable to a person having an adverse claim to thefinancial 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 otherlegal process enjoining it from doing so, issued by a court of competent jurisdiction, and had areasonable 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 theadverse claim.

Enacted by Chapter 204, 1996 General Session

State Codes and Statutes

Back To Homepage

State Codes and Statutes

Statutes > Utah > Title-70a > Chapter-08 > 70a-8-114

70A-8-114. Securities intermediary and others not liable to adverse claimant.
A securities intermediary that has transferred a financial asset pursuant to an effectiveentitlement order, or a broker or other agent or bailee that has dealt with a financial asset at thedirection of its customer or principal, is not liable to a person having an adverse claim to thefinancial 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 otherlegal process enjoining it from doing so, issued by a court of competent jurisdiction, and had areasonable 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 theadverse claim.

Enacted by Chapter 204, 1996 General Session