Securities intermediary and others not liable to adverse claimant

Va. Code Ann. § 8.8A-115
in effect
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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. 1996, c. 216 .
Source: Open US Law by Vaquill AI (CC BY 4.0)URL: https://law.lis.virginia.gov/vacode/8.8A-115/Fetched: 10/17/2026

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Va. Code Ann. § 8.8A-115 — Securities intermediary and others not liable to adverse claimant | Code of Virginia (Aug. 2026 snapshot) | Corpus