70A-8-114 - Securities intermediary and others not liable to adverse claimant. - Utah Statutes

70A-8-114. Securities intermediary and others not liable to adverse claimant.
A securities intermediary that has transferred a financial asset pursuant to an effectiveentitlement order, or a broker or other agent or bailee that has dealt with a financial asset at thedirection of its customer or principal, is not liable to a person having an adverse claim to thefinancial 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 otherlegal process enjoining it from doing so, issued by a court of competent jurisdiction, and had areasonable 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 theadverse claim.

Enacted by Chapter 204, 1996 General Session