Wisconsin Statutes
Wis. Stat. § 408.115 (2026)
Securities intermediary and others not liable to adverse claimant
✓ current as of July 2026
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408.115408.115 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:
408.115(1)(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
408.115(2)(2) Acted in collusion with the wrongdoer in violating the rights of the adverse claimant; or
408.115(3)(3) In the case of a security certificate that has been stolen, acted with notice of the adverse claim.
Notes of Decisions
Cited in 4
cases (4 in the last 5 years), 2025–2025 · leading case: Cappelli v. U.S. Bank Nat'l Ass'n (D. Minnesota 2025).
Cappelli v. U.S. Bank Nat'l Ass'n (D. Minnesota 2025). “Wis. Stat. § 408.115 (2024) (“Section 408.”
Est. of Jacqueline Hopfinger v. U.S. Bank Nat'l Ass'n (D. Minnesota 2025). “Wis. Stat. § 408.115 (2024) (“Section 408.”
Est. of John C. Breslin v. U.S. Bank Nat'l Ass'n (D. Minnesota 2025). “Wis. Stat. § 408.115 (2024) (“Section 408.”
Est. of Susan Jacobs v. U.S. Bank Nat'l Ass'n (D. Minnesota 2025). “Wis. Stat. § 408.115 (2024) (“Section 408.”
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