Sec. 42a-8-115. Securities intermediary and others not liable to adverse claimant.
Sec. 42a-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:
(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; 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 the
adverse claim.
(P.A. 97-182, S. 15.)