{"data":{"id":"us-ny/n.y.-uniform-commercial-code-law-8-115","jurisdiction":"us-ny","citation":"N.Y. Uniform Commercial Code Law § 8-115","heading":"Securities Intermediary and Others Not Liable to Adverse Claimant","body":"Section 8--115. Securities Intermediary and Others Not Liable to Adverse\n                  Claimant.\n  A securities intermediary that has transferred a financial asset\npursuant to an effective entitlement order, or a broker or other agent\nor bailee that has dealt with a financial asset at the direction of its\ncustomer or principal, is not liable to a person having an adverse claim\nto the financial asset, unless the securities intermediary, or broker or\nother agent or bailee:\n  (1) took the action after it had been served with an injunction,\nrestraining order, or other legal process enjoining it from doing so,\nissued by a court of competent jurisdiction, and had a reasonable\nopportunity to act on the injunction, restraining order, or other legal\nprocess; or\n  (2) acted in collusion with the wrongdoer in violating the rights of\nthe adverse claimant; or\n  (3) in the case of a security certificate that has been stolen, acted\nwith notice of the adverse claim.","path":["Uniform Commercial Code Law","Article 8. Investment Securities","Part 1. Short Title and General Matters"],"source_url":"https://legislation.nysenate.gov/api/3/laws/UCC/8-115","current_through":"2026-09-11","vintage":"","retrieved_at":"2026-09-14T19:32:45Z","sha256":"5ac5f60dd1c4d4033b6f5f09f19d66bf15863338878f826e9febbb5c37a9cc90","source_id":"us-ny","stale":false,"prev":"us-ny/n.y.-uniform-commercial-code-law-8-114","next":"us-ny/n.y.-uniform-commercial-code-law-8-116"},"notice":"GroundRules: Original legal text. Not legal advice."}