Louisiana § 10:8-115 Securities intermediary and others not liable to adverse claimant

Louisiana Statutes

§ 10:8-115 — Securities intermediary and others not liable to adverse claimant

Louisiana·Title 10 Commercial Laws

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, 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; or

(2)acted in collusion with the wrongdoer in violating the rights of the adverse claimant; or

(3)in the case of a security certificate th

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, 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; or
(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.

Louisiana § 10:8-115 (Securities intermediary and others not liable to adverse claimant) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.