West Virginia § 46-8-115 Securities intermediary and others not liable to adverse claimant

West Virginia Statutes

§ 46-8-115 — Securities intermediary and others not liable to adverse claimant

West Virginia·Ch. 46 UNIFORM COMMERCIAL CODE·Art. 8 INVESTMENT SECURITIES

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

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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.

West Virginia § 46-8-115 (Securities intermediary and others not liable to adverse claimant) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.