New Mexico § 55-8-115 Securities intermediary and others not liable to adverse

New Mexico Statutes

§ 55-8-115 — Securities intermediary and others not liable to adverse

New Mexico·Ch. 55 Uniform Commercial Code·Art. 8 Investment Securities

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

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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.

New Mexico § 55-8-115 (Securities intermediary and others not liable to adverse) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.