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

Section 49 Disposition versions

2016-01-01

49. A depositary or agent, including a dealer, who has dealt with a security or other financial asset at the direction of a client or principal is not liable to a person having an adverse claim to the security or financial asset for any loss suffered by the person as a result, except if the depositary or agent

(1)  acted as directed after having been notified with a judgment enjoining the depositary or agent from doing so and after having had a reasonable opportunity to abide by the judgment;

(2)  acted in collusion with the client or principal in violating the rights of the person who has the adverse claim; or

(3)  in the case of a security certificate that has been stolen, acted with notice of the adverse claim.

2008, c. 20, s. 49; I.N. 2016-01-01 (NCCP).

2009-01-01

49. A depositary or agent, including a dealer, who has dealt with a security or other financial asset at the direction of a client or principal is not liable to a person having an adverse claim to the security or financial asset for any loss suffered by the person as a result, except if the depositary or agent

(1)  acted as directed after having been served with a judgment enjoining the depositary or agent from doing so and after having had a reasonable opportunity to abide by the judgment;

(2)  acted in collusion with the client or principal in violating the rights of the person who has the adverse claim; or

(3)  in the case of a security certificate that has been stolen, acted with notice of the adverse claim.

2008, c. 20, s. 49.