Idaho Statutes

Idaho Statutes are updated to the web July 1 following the legislative session.

pecnv.out

TITLE 28
COMMERCIAL TRANSACTIONS
CHAPTER 8
INVESTMENT SECURITIES
PART 1.
SHORT TITLE AND GENERAL MATTERS
28-8-115.  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.

History:
[28-8-115, added 1995, ch. 272, sec. 2, p. 885.]


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