(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.
Structure New York Laws
Article 8 - Investment Securities
Part 1 - Short Title and General Matters
8-104 - Acquistion of Security or Financial Assest or Interest Therein.
8-105 - Notice of Adverse Claim.
8-107 - Whether Indorsement, Instruction, or Entitlement Order Is Effective.
8-108 - Warranties in Direct Holding.
8-109 - Warranties in Indirect Holding.
8-110 - Applicability; Choice of Law.
8-111 - Clearing Corporation Rules.
8-112 - Creditor's Legal Process.
8-113 - Statute of Frauds Generally Inapplicable.
8-114 - Evidentiary Rules Concerning Certificated Securitites.
8-115 - Securities Intermediary and Others Not Liable to Adverse Claimant.