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Official Code of Georgia Annotated

Title 11. COMMERCIAL CODE · Chapter 8. · Article 8. INVESTMENT SECURITIES · Part 1. SHORT TITLE AND GENERAL MATTERS

11-8-115. Securities intermediary and others not liable to adverse claimant.

Active

Current through: Including Acts of the 2025 Regular Session of the General Assembly.

  1. 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:

  2. (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#

  3. (2)

    Acted in collusion with the wrongdoer in violating the rights of the adverse claimant; or#

  4. (3)

    In the case of a security certificate that has been stolen, acted with notice of the adverse claim.#

The notes below are printed with the section but are not enacted law (O.C.G.A. § 1-1-1(c)). They are shown apart from the text.

History

Code 1981, § 11-8-115, enacted by Ga. L. 1998, p. 1323, § 1.

Read the official page (the state's PDF, opened at the page this text was read from).

Current through: Including Acts of the 2025 Regular Session of the General Assembly.

Text read from t11-(v9)-2022-pdf.pdf, Volume V9, 2022 edition, pages 670 to 671; merge action: carried; file SHA-256 ad397fccbf21.