§ 6A-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.
History of Section.P.L. 2000, ch. 182, § 5; P.L. 2000, ch. 420, § 5.
Structure Rhode Island General Laws
Title 6A - Uniform Commercial Code
Chapter 6A-8 - Investment Securities
Part 1 - Short Title and General Matters
Section 6A-8-101. - Short title.
Section 6A-8-102. - Definitions.
Section 6A-8-104. - Acquisition of security or financial asset or interest therein.
Section 6A-8-105. - Notice of adverse claim.
Section 6A-8-107. - Whether indorsement, instruction, or entitlement order is effective.
Section 6A-8-108. - Warranties in direct holding.
Section 6A-8-109. - Warranties in indirect holding.
Section 6A-8-110. - Applicability — Choice of law.
Section 6A-8-111. - Clearing corporation rules.
Section 6A-8-112. - Creditor’s legal process.
Section 6A-8-113. - Statute of frauds inapplicable.
Section 6A-8-114. - Evidentiary rules concerning certificated securities.
Section 6A-8-115. - Securities intermediary and others not liable to adverse claimant.
Section 6A-8-116. - Securities intermediary as purchaser for value.