Iowa Code § 554.8115
Securities intermediary and others not liable to adverse claimant
Iowa · Iowa Code Chapter 554 — Uniform Commercial Code · Status: effective
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- Citation
- Iowa Code § 554.8115, Securities intermediary and others not liable to adverse claimant, Iowa, version 1 as recorded 2026-10-03, yourstate.us, https://yourstate.us/provision/2272402
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Full text
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.