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§12A-8-115.
§12A-8-115.
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 has 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.
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