W. Va. Code § 46-8-115
Securities intermediary and others not liable to adverse claimant
West Virginia · West Virginia Code Chapter 46 — Uniform Commercial Code · Status: effective
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- Citation
- W. Va. Code § 46-8-115, Securities intermediary and others not liable to adverse claimant, West Virginia, version 1 as recorded 2026-10-03, yourstate.us, https://yourstate.us/provision/2387669
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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.