§ 6A-8-105 - Notice of adverse claim.
SECTION 6A-8-105
§ 6A-8-105 Notice of adverse claim. –(a) A person has notice of an adverse claim if:
(1) the person knows of the adverse claim;
(2) the person is aware of facts sufficient to indicate thatthere is a significant probability that the adverse claim exists anddeliberately avoids information that would establish the existence of theadverse claim; or
(3) the person has a duty, imposed by statute or regulation,to investigate whether an adverse claim exists, and the investigation sorequired would establish the existence of the adverse claim.
(b) Having knowledge that a financial asset or interesttherein is or has been transferred by a representative imposes no duty ofinquiry into the rightfulness of a transaction and is not notice of an adverseclaim. However, a person who knows that a representative has transferred afinancial asset or interest therein in a transaction that is, or whose proceedsare being used, for the individual benefit of the representative or otherwisein breach of duty has notice of an adverse claim.
(c) An act or event that creates a right to immediateperformance of the principal obligation represented by a security certificateor sets a date on or after which the certificate is to be presented orsurrendered for redemption or exchange does not itself constitute notice of anadverse claim except in the case of a transfer more than:
(1) one year after a date set for presentment or surrenderfor redemption or exchange; or
(2) six (6) months after a date set for payment of moneyagainst presentation or surrender of the certificate, if money was availablefor payment on that date.
(d) A purchaser of a certificated security has notice of anadverse claim if the security certificate:
(1) whether in bearer or registered form, has been indorsed"for collection" or "for surrender" or for some other purpose not involvingtransfer; or
(2) is in bearer form and has on it an unambiguous statementthat it is the property of a person other than the transferor, but the merewriting of a name on the certificate is not such a statement.
(e) Filing of a financing statement under chapter 9 of thistitle is not notice of an adverse claim to a financial asset.