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Maryland Code, Commercial Law § 8-115

Current as of December 31, 2021 | Updated by FindLaw Staff

A securities intermediary that has transferred a financial asset in accordance with 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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Cite this article: FindLaw.com - Maryland Code, Commercial Law § 8-115 - last updated December 31, 2021 | https://codes.findlaw.com/md/commercial-law/md-code-coml-sect-8-115/

Read this complete Maryland Code, Commercial Law § 8-115 on Westlaw. Westlaw subscription required.

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