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Title 34.1 Uniform Commercial Code

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Change 1

What to do with it
As published

34.1-8-115. Securities intermediary and others not liable to adverse claimant.

(a) 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: (i) 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 (ii) Acted in collusion with the wrongdoer in violating the rights of the adverse claimant; or (iii) In the case of a security certificate that has been stolen, acted with notice of the adverse claim.

Your change, as a redline

34.1-8-115. Securities intermediary and others not liable to adverse claimant.

(a) 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: (i) 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 (ii) Acted in collusion with the wrongdoer in violating the rights of the adverse claimant; or (iii) In the case of a security certificate that has been stolen, acted with notice of the adverse claim.

One line that says what changes, such as "Halve the dog tax".

Who it helps, what it costs, what it fixes. It is what persuades people to support it.

A proposal here is not law. Support on Solon is evidence that people want the change; the official route says what it takes to make it law.

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