- Alaska Statutes.
- Title 45. Trade and Commerce
- Chapter 8. Investment Securities
- Section 115. Securities Intermediary and Others Not Liable to Adverse Claimant.
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AS 45.08.115. Securities Intermediary and Others Not Liable to Adverse Claimant.
A securities intermediary that has transferred a financial asset under 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, broker, 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;
- (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.
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