WEST VIRGINIA CODE

adverse claimant.
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.

Note: WV Code updated with legislation passed through the 2016 Regular Session
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