Code of Alabama |
Match Context and Document information |
URL: | http://alisondb.legislature.state.al.us/alison/CodeOfAlabama /1975/7-8-115.htm |
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Depth: | 0 singles |
Size: | 1,317 bytes |
Modified: | 2006-11-22 10:52:26 |
Categories: | -None- |
Title: | 7-8-115 |
Description: | -None- |
Keywords: | -None- |
Meta data: | -None- |
Body: | Section 7-8-115 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. (Acts 1996, No. 96-742, p. 1241, ยง1.) |