§ 8-502 — Assertion of adverse claim against entitlement holder

Illinois § 8-502

• Jurisdiction: Illinois
• Topic: BUSINESS AND EMPLOYMENT
• Ch. 810: COMMERCIAL CODE
• Act 810 ILCS 5/: Uniform Commercial Code.
• Art.: Article 8 - Investment Securities

Text

An action based on an adverse claim to a financial asset, whether framed in conversion, replevin, constructive trust, equitable lien, or other theory, may not be asserted against a person who acquires a security entitlement under Section 8-501 for value and without notice of the adverse claim.

Legislative History

(Source: P.A. 89-364, eff. 1-1-96.)