2014 Statute
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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. |
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