☰ Revisor of Missouri

Title XXVI TRADE AND COMMERCE

Chapter 400

Effective - 28 Aug 1997 bottom

  400.8-115.  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.

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(L. 1997 S.B. 6)


---- end of effective   28 Aug 1997 ----

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