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§ 8115. Securities intermediary and others not liable to adverse claimant

Purdon's Pennsylvania Statutes and Consolidated StatutesTitle 13 Pa.C.S.A. Commercial Code

Purdon's Pennsylvania Statutes and Consolidated Statutes
Title 13 Pa.C.S.A. Commercial Code (Refs & Annos)
Division 8. Investment Securities (Refs & Annos)
Chapter 81. Short Title and General Matters
13 Pa.C.S.A. § 8115
§ 8115. Securities intermediary and others not liable to adverse claimant
Currentness
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 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;
(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

1996, May 22, P.L. 248, No. 44, § 8, effective in 180 days.
13 Pa.C.S.A. § 8115, PA ST 13 Pa.C.S.A. § 8115
Current through Act 13 of the 2024 Regular Session. Some statute sections may be more current, see credits for details.
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