Find Bill
Find Your Legislator
Legislative Deadlines
Dec. 18, 2014
RSS Feed Permanent URL -A +A

2012 Statute



Prev Article 8. - INVESTMENT SECURITIESNext


84-8-115.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, or broker or other agent or bailee:

(a) 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; or

(b) acted in collusion with the wrongdoer in violating the rights of the adverse claimant; or

(c) in the case of a security certificate that has been stolen, acted with notice of the adverse claim.

History: L. 1996, ch. 202, § 42; July 1.



Prev Article 8. - INVESTMENT SECURITIESNext
2014. Powered by KLISS. Rendered: 2014-12-18T18:34:01. Head Rev No: 351364