§ 8105. Notice of adverse claim
Purdon's Pennsylvania Statutes and Consolidated StatutesTitle 13 Pa.C.S.A. Commercial Code
13 Pa.C.S.A. § 8105
§ 8105. Notice of adverse claim
(b) Knowledge of transfer of financial asset or interest therein.--Having knowledge that a financial asset or interest therein is or has been transferred by a representative imposes no duty of inquiry into the rightfulness of a transaction and is not notice of an adverse claim. However, a person who knows that a representative has transferred a financial asset or interest therein in a transaction that is, or whose proceeds are being used, for the individual benefit of the representative or otherwise in breach of duty has notice of an adverse claim.
(c) Staleness as notice of adverse claims.--An act or event that creates a right to immediate performance of the principal obligation represented by a security certificate or sets a date on or after which the certificate is to be presented or surrendered for redemption or exchange does not itself constitute notice of an adverse claim except in the case of a transfer more than:
Credits
1996, May 22, P.L. 248, No. 44, § 8, effective in 180 days.
13 Pa.C.S.A. § 8105, PA ST 13 Pa.C.S.A. § 8105
Current through Act 13 of the 2024 Regular Session. Some statute sections may be more current, see credits for details.
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