Section 55-8-115 - Securities intermediary and others not liable to adverse claimant.

55-8-115. 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 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.