Maine Revised Statutes
Part 1: SHORT TITLE AND GENERAL MATTERS
11 §8-1115. Securities intermediary and others not liable to adverse claimant

§8-1115. Securities intermediary and others not liable to adverse claimant
(1).  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:  
(a). 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;   [PL 1997, c. 429, Pt. B, §2 (NEW).]
(b). Acted in collusion with the wrongdoer in violating the rights of the adverse claimant; or   [PL 1997, c. 429, Pt. B, §2 (NEW).]
(c). In the case of a security certificate that has been stolen, acted with notice of the adverse claim.   [PL 1997, c. 429, Pt. B, §2 (NEW).]
[PL 1997, c. 429, Pt. B, §2 (NEW).]
SECTION HISTORY
PL 1997, c. 429, §B2 (NEW).

Structure Maine Revised Statutes