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§ 8-115. Securities Intermediary and Others Not Liable to Adverse Claimant

Oklahoma Statutes AnnotatedTitle 12A. Commercial Code

Oklahoma Statutes Annotated
Title 12a. Commercial Code (Refs & Annos)
Article 8. Investment Securities (Refs & Annos)
Part 1. Short Title and General Matters (Refs & Annos)
12A Okl.St.Ann. § 8-115
§ 8-115. Securities Intermediary and Others Not Liable to Adverse Claimant
Currentness
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 has 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.

Credits

Laws 1995, c. 242, § 15, eff. Feb. 1, 1996.
12A Okl. St. Ann. § 8-115, OK ST T. 12A § 8-115
Current with emergency effective legislation through Chapter 257 of the Second Regular Session of the 59th Legislature (2024). Some sections may be more current, see credits for details.
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