SECTION 678.1151. Securities intermediary and others not liable to adverse claimant.

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1A 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:
64(1) 65Took 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
111(2) 112Acted in collusion with the wrongdoer in violating the rights of the adverse claimant; or
127(3) 128In the case of a security certificate that has been stolen, acted with notice of the adverse claim.

History.-s. 1, ch. 98-11.

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