2006 New York Code - Securities Intermediary And Others Not Liable To Adverse Claimant.

 
  Section 8--115. Securities Intermediary and Others Not Liable to 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.