Securities Intermediary and Others Not Liable to Adverse Claimant.

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  2. Oklahoma Statutes
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  4. Securities Intermediary and Others Not Liable to Adverse Claimant.

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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 has 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.

Added by Laws 1995, c. 242, § 15, eff. Feb. 1, 1996.


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