2010 Georgia Code 11-8-115 Case Law
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One Click Case Law for § 11-8-115
O.C.G.A. § 11-8-114 <-- --> O.C.G.A. §11-8-116



2010 Georgia Code

TITLE 11 - COMMERCIAL CODE
ARTICLE 8 - INVESTMENT SECURITIES
PART 1 - SHORT TITLE AND GENERAL MATTERS
§ 11-8-115 - Securities intermediary and others not liable to adverse claimant

O.C.G.A. 11-8-115 (2010)
11-8-115. 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.

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Graham W. Syfert, Esq., P.A.
Phone: 904-383-7448
Fax: 904-638-4726

graham@syfert.com