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

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

A securities intermediary that has transferred a financial asset in accordance with 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. 
 

[1996, ch. 92, § 2.]