§ 8-115 — Securities Intermediary and Others Not Liable to Adverse Claimant

Section 8--115. Securities Intermediary and Others Not Liable to Adverse\n Claimant.\n A securities intermediary that has transferred a financial asset\npursuant to an effective entitlement order, or a broker or other agent\nor bailee that has dealt with a financial asset at the direction of its\ncustomer or principal, is not liable to a person having an adverse claim\nto the financial asset, unless the securities intermediary, or broker or\nother agent or bailee:\n (1) took the action after it had been served with an injunction,\nrestraining order, or other legal process enjoining it from doing so,\nissued by a court of competent jurisdiction, and had a reasonable\nopportunity to act on the injunction, restraining order, or other legal\nprocess; or\n (2) acted in collusion with the wrongdoer in violating the rights of\nthe adverse claimant; or\n (3) in the case of a security certificate that has been stolen, acted\nwith notice of the adverse claim.\n