Indiana § 26-1-8.1-115 Liability of securities intermediary, broker, or other agent or bailee

Indiana Statutes

§ 26-1-8.1-115 — Liability of securities intermediary, broker, or other agent or bailee

Indiana § 26-1-8.1-115

Title 26COMMERCIAL LAW

Art. 1UNIFORM COMMERCIAL CODE

Ch. 8.1Investment Securities

This text of Indiana § 26-1-8.1-115 (Liability of securities intermediary, broker, or other agent or bailee) is published on Counsel Stack Legal Research, covering Indiana primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Ind. Code § 26-1-8.1-115 (2026).

Text

A securities intermediary that has transferred a financial asset under 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, 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 be

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A securities intermediary that has
transferred a financial asset under 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, 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.