Montana § 30-8-125 Securities Intermediary And Others Not Liable To Adverse Claimant

Montana Statutes

§ 30-8-125 — Securities Intermediary And Others Not Liable To Adverse Claimant

Montana·Title 30 TRADE AND COMMERCE·Ch. 8 UNIFORM COMMERCIAL CODE INVESTMENT SECURITIES·Part 1 Short Title and General Matters

30-8-125 . Securities intermediary and others not liable to adverse claimant. 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;

(2)acted in collusion with the wrongdoer in violating the righ

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30-8-125 . Securities intermediary and others not liable to adverse claimant. 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;
(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.

Montana § 30-8-125 (Securities Intermediary And Others Not Liable To Adverse Claimant) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.