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New Jersey Statutes Title 12A. Commercial Transactions 12A § 8-115

Current as of February 19, 2021 | Updated by FindLaw Staff

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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Cite this article: FindLaw.com - New Jersey Statutes Title 12A. Commercial Transactions 12A § 8-115 - last updated February 19, 2021 | https://codes.findlaw.com/nj/title-12a-commercial-transactions/nj-st-sect-12a-8-115/

Read this complete New Jersey Statutes Title 12A. Commercial Transactions 12A § 8-115 on Westlaw

FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature or via Westlaw before relying on it for your legal needs.

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