§ 25-8-115. Securities intermediary and others not liable to adverse claimant.
§25‑8‑115. Securities intermediary and others not liable to adverseclaimant.
A securities intermediary thathas 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 atthe direction of its customer or principal, is not liable to a person having anadverse claim to the financial asset, unless the securities intermediary, orbroker or other agent or bailee:
(1) Took the actionafter it had been served with an injunction, restraining order, or other legalprocess enjoining it from doing so, issued by a court of competentjurisdiction, and had a reasonable opportunity to act on the injunction,restraining order, or other legal process; or
(2) Acted in collusionwith the wrongdoer in violating the rights of the adverse claimant; or
(3) In the case of asecurity certificate that has been stolen, acted with notice of the adverseclaim. (1997‑181, s. 1.)