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T-11.002 - Act respecting the transfer of securities and the establishment of security entitlements

Section 120
Disposition versions

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120. A securities intermediary that has transferred a financial asset in accordance with an effective entitlement order is not liable for any loss suffered as a result of the transfer by a person having an adverse claim to the financial asset unless
(1)  the securities intermediary transferred the financial asset after being notified with a judgment enjoining the securities intermediary from doing so and after having a reasonable opportunity to abide by the judgment;
(2)  the securities intermediary acted in collusion with the originator of the entitlement order in violating the rights of the person who has the adverse claim; or
(3)  in the case of a stolen security certificate, the securities intermediary acted with notice of the adverse claim.
2008, c. 20, s. 120; I.N. 2016-01-01 (NCCP).
120. A securities intermediary that has transferred a financial asset in accordance with an effective entitlement order is not liable for any loss suffered as a result of the transfer by a person having an adverse claim to the financial asset unless
(1)  the securities intermediary transferred the financial asset after being served with a judgment enjoining the securities intermediary from doing so and after having a reasonable opportunity to abide by the judgment;
(2)  the securities intermediary acted in collusion with the originator of the entitlement order in violating the rights of the person who has the adverse claim; or
(3)  in the case of a stolen security certificate, the securities intermediary acted with notice of the adverse claim.
2008, c. 20, s. 120.
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