Michigan Compiled Laws
174-1962-8-5 - Part 5 Security Entitlements (440.8501...440.8511)
Section 440.8502 - Action Based on Adverse Claim.

Sec. 8502.
An action based on an adverse claim to a financial asset, whether framed in conversion, replevin, constructive trust, equitable lien, or other theory, may not be asserted against a person who acquires a security entitlement under section 8501 for value and without notice of the adverse claim.
History: Add. 1998, Act 278, Imd. Eff. July 27, 1998

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Structure Michigan Compiled Laws

Michigan Compiled Laws

Chapter 440 - Uniform Commercial Code

Act 174 of 1962 - Uniform Commercial Code (440.1101 - 440.11102)

Article 8 - Investment Securities (440.8101...440.8601)

174-1962-8-5 - Part 5 Security Entitlements (440.8501...440.8511)

Section 440.8501 - “Securities Account” Defined; Acquisition of Security Entitlement; Conditions; Directly Held Financial Asset; Issuance Not as Security Entitlement.

Section 440.8502 - Action Based on Adverse Claim.

Section 440.8503 - Entitlement Holder Property Interest.

Section 440.8504 - Maintenance of Financial Asset by Securities Intermediary; Quantity; Manner; Limitation; Duties; Applicability to Clearing Corporation.

Section 440.8505 - Obtaining Payment or Distribution Made by Issuer of Financial Asset; Duties and Obligations of Securities Intermediary.

Section 440.8506 - Duty of Securities Intermediary to Exercise Rights With Respect to Financial Asset; Conditions.

Section 440.8507 - Compliance With Entitlement Order by Securities Intermediary; Conditions; Wrongful Transfer of Financial Asset Pursuant to Ineffective Entitlement Order; Liability.

Section 440.8508 - Changing Security Entitlement Into Another Form of Holding; Transferring Financial Asset to Securities Account of Entitlement Holder; Duties of Securities Intermediary; Conditions.

Section 440.8509 - Performance of Duties by Securities Intermediary.

Section 440.8510 - Assertion of Action Based on Adverse Claim; Prohibition; Conditions; Priority.

Section 440.8511 - Priority of Claims.