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

New York Statutes

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

New York § 8-115

Law UCCUniform Commercial Code

Part 1Short Title and General Matters

Art. 8Investment Securities

This text of New York § 8-115 (Securities Intermediary and Others Not Liable to Adverse Claimant) is published on Counsel Stack Legal Research, covering New York primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

N.Y. Uniform Commercial Code § 8-115 (2026).

Text

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 collu

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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