Arizona § 47-8115 Securities intermediary and others not liable to adverse claimant

Arizona Statutes

§ 47-8115 — Securities intermediary and others not liable to adverse claimant

Arizona·Title 47 Arizona Revised Statutes·Ch. 8 INVESTMENT SECURITIES·Art. 1 Short Title and General Matters

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 b

Free access — add to your briefcase to read the full text and ask questions with AI

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.

Arizona § 47-8115 (Securities intermediary and others not liable to adverse claimant) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.