N.Y. Uniform Commercial Code Law Section 8-115
Securities Intermediary and Others Not Liable to Adverse Claimant

Section 8--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:

(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

(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.

Source: Section 8-115 — Securities Intermediary and Others Not Liable to Adverse Claimant, https://www.­nysenate.­gov/legislation/laws/UCC/8-115 (updated Sep. 22, 2014; accessed Oct. 26, 2024).

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Accessed:
Oct. 26, 2024

Last modified:
Sep. 22, 2014

§ 8-115’s source at nysenate​.gov

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