Texas Business & Commerce Code
§ 8.115 — SECURITIES INTERMEDIARY AND OTHERS NOT LIABLE TO ADVERSE CLAIMANT
BC § 8.115Title 1. UNIFORM COMMERCIAL CODE · Ch. 8. INVESTMENT SECURITIES · Art. A. SHORT TITLE AND GENERAL MATTERS
Statute text
View on sourceA 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.
Legislative history
Added by Acts 1995, 74th Leg., ch. 962, Sec. 1, eff. Sept. 1, 1995.