§ 6A-8-115 - Securities intermediary and others not liable to adverse claimant. - Rhode Island Statutes

SECTION 6A-8-115

   § 6A-8-115  Securities intermediary andothers not liable to adverse claimant. – A securities intermediary that has transferred a financial asset pursuant to aneffective entitlement order, or a broker or other agent or bailee that hasdealt with a financial asset at the direction of its customer or principal, isnot liable to a person having an adverse claim to the financial asset, unlessthe securities intermediary, or broker or other agent or bailee:

   (1) took the action after it had been served with aninjunction, restraining order, or other legal process enjoining it from doingso, issued by a court of competent jurisdiction, and had a reasonableopportunity to act on the injunction, restraining order, or other legalprocess; or

   (2) acted in collusion with the wrongdoer in violating therights of the adverse claimant; or

   (3) in the case of a security certificate that has beenstolen, acted with notice of the adverse claim.