§ 8115. 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;
(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 Pennsylvania Consolidated & Unconsolidated Statutes
Pennsylvania Consolidated & Unconsolidated Statutes
Chapter 81 - Short Title and General Matters
Section 8101 - Short title of division
Section 8104 - Acquisition of security or financial asset or interest therein
Section 8105 - Notice of adverse claim
Section 8107 - Whether indorsement, instruction or entitlement order is effective
Section 8108 - Warranties in direct holding
Section 8109 - Warranties in indirect holding
Section 8110 - Applicability; choice of law
Section 8111 - Clearing corporation rules
Section 8112 - Creditor's legal process
Section 8113 - Statute of frauds inapplicable
Section 8114 - Evidentiary rules concerning certificated securities
Section 8115 - Securities intermediary and others not liable to adverse claimant
Section 8116 - Securities intermediary as purchaser for value