408.115 Securities intermediary and others not liable to adverse claimant. - Wisconsin Statutes

408.115

408.115 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:

408.115(1)

(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

408.115(2)

(2) Acted in collusion with the wrongdoer in violating the rights of the adverse claimant; or

408.115(3)

(3) In the case of a security certificate that has been stolen, acted with notice of the adverse claim.

408.115 - ANNOT.

History: 1997 a. 297.