47-8115. 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, 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, issued by a court of competent jurisdiction, and had a reasonable opportunity to act on the injunction, restraining order or other legal process;
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 the adverse claim.
Section: Previous 47-8108 47-8109 47-8110 47-8111 47-8112 47-8113 47-8114 47-8115 47-8116 47-8201 47-8202 47-8203 47-8204 47-8205 47-8206 NextLast modified: October 13, 2016