                                 CODE OF VIRGINIA

SECURITIES INTERMEDIARY AND OTHERS NOT LIABLE TO ADVERSE CLAIMANT (§ 8.8A-115)

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.

HISTORY: 1996, c. 216.