{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2026\/code-json\/8.8A-115.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2026\/code-text\/8.8A-115.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2026\/code-xml\/8.8A-115.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2026\/code-html\/8.8A-115.html"}],"law_id":378316,"edition_id":2,"section_id":378316,"structure_id":53758,"section_number":"8.8A-115","catch_line":"Securities intermediary and others not liable to adverse claimant","history":"1996, c. 216.","full_text":"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:\n\n1\n\ntook 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\n\n2\n\nacted in collusion with the wrongdoer in violating the rights of the adverse claimant; or\n\n3\n\nin the case of a security certificate that has been stolen, acted with notice of the adverse claim.\n\n","order_by":null,"text":{"0":{"id":1411564,"text":"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:","type":"section","prefixes":[""],"prefix":"","entire_prefix":"","prefix_anchor":"","level":1,"next_prefix":"1"},"1":{"id":1411565,"text":"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","type":"section","prefixes":["1"],"prefix":"1","entire_prefix":"1","prefix_anchor":"1","level":1,"prior_prefix":"","next_prefix":"2"},"2":{"id":1411566,"text":"acted in collusion with the wrongdoer in violating the rights of the adverse claimant; or","type":"section","prefixes":["2"],"prefix":"2","entire_prefix":"2","prefix_anchor":"2","level":1,"prior_prefix":"1","next_prefix":"3"},"3":{"id":1411567,"text":"in the case of a security certificate that has been stolen, acted with notice of the adverse claim.","type":"section","prefixes":["3"],"prefix":"3","entire_prefix":"3","prefix_anchor":"3","level":1,"prior_prefix":"2"}},"ancestry":[{"id":53758,"edition_id":2,"name":"Short Title and General Matters","identifier":"1","label":"part","depth":2,"order_by":1,"parent_id":53757,"metadata":{"child_laws":16,"child_structures":0},"date_created":"2026-08-02 03:21:46","date_modified":"2026-08-02 12:28:35","permalink":{"id":1510615,"object_type":"structure","relational_id":53758,"identifier":"1","token":"8.8A\/1","url":"\/8.8A\/1\/","edition_id":2,"permalink":0,"preferred":1}},{"id":53757,"edition_id":2,"name":"Commercial Code \u2014 Investment Securities","identifier":"8.8A","label":"title","depth":1,"order_by":28,"parent_id":null,"metadata":{"child_laws":52,"child_structures":6},"date_created":"2026-08-02 03:21:46","date_modified":"2026-08-02 12:28:35","permalink":{"id":1510613,"object_type":"structure","relational_id":53757,"identifier":"8.8A","token":"8.8A","url":"\/8.8A\/","edition_id":2,"permalink":0,"preferred":1}}],"structure_contents":[{"id":378302,"structure_id":53758,"section_number":"8.8A-101","catch_line":"Short title","url":"\/8.8A-101\/","token":"8.8A\/1\/8.8A-101","metadata":false},{"id":378303,"structure_id":53758,"section_number":"8.8A-102","catch_line":"Definitions","url":"\/8.8A-102\/","token":"8.8A\/1\/8.8A-102","metadata":false},{"id":378304,"structure_id":53758,"section_number":"8.8A-103","catch_line":"Rules for determining whether certain obligations and interests are securities or financial assets","url":"\/8.8A-103\/","token":"8.8A\/1\/8.8A-103","metadata":false},{"id":378305,"structure_id":53758,"section_number":"8.8A-104","catch_line":"Acquisition of security or financial asset or interest therein","url":"\/8.8A-104\/","token":"8.8A\/1\/8.8A-104","metadata":false},{"id":378306,"structure_id":53758,"section_number":"8.8A-105","catch_line":"Notice of adverse claim","url":"\/8.8A-105\/","token":"8.8A\/1\/8.8A-105","metadata":false},{"id":378307,"structure_id":53758,"section_number":"8.8A-106","catch_line":"Control","url":"\/8.8A-106\/","token":"8.8A\/1\/8.8A-106","metadata":false},{"id":378308,"structure_id":53758,"section_number":"8.8A-107","catch_line":"Whether endorsement, instruction or entitlement order is effective","url":"\/8.8A-107\/","token":"8.8A\/1\/8.8A-107","metadata":false},{"id":378309,"structure_id":53758,"section_number":"8.8A-108","catch_line":"Warranties in direct holding","url":"\/8.8A-108\/","token":"8.8A\/1\/8.8A-108","metadata":false},{"id":378310,"structure_id":53758,"section_number":"8.8A-109","catch_line":"Warranties in indirect holding","url":"\/8.8A-109\/","token":"8.8A\/1\/8.8A-109","metadata":false},{"id":378311,"structure_id":53758,"section_number":"8.8A-110","catch_line":"Applicability; choice of law","url":"\/8.8A-110\/","token":"8.8A\/1\/8.8A-110","metadata":false},{"id":378312,"structure_id":53758,"section_number":"8.8A-111","catch_line":"Clearing corporation rules","url":"\/8.8A-111\/","token":"8.8A\/1\/8.8A-111","metadata":false},{"id":378313,"structure_id":53758,"section_number":"8.8A-112","catch_line":"Creditor's legal process","url":"\/8.8A-112\/","token":"8.8A\/1\/8.8A-112","metadata":false},{"id":378314,"structure_id":53758,"section_number":"8.8A-113","catch_line":"Statute of frauds inapplicable","url":"\/8.8A-113\/","token":"8.8A\/1\/8.8A-113","metadata":false},{"id":378315,"structure_id":53758,"section_number":"8.8A-114","catch_line":"Evidentiary rules concerning certificated securities","url":"\/8.8A-114\/","token":"8.8A\/1\/8.8A-114","metadata":false},{"id":378316,"structure_id":53758,"section_number":"8.8A-115","catch_line":"Securities intermediary and others not liable to adverse claimant","url":"\/8.8A-115\/","token":"8.8A\/1\/8.8A-115","metadata":false},{"id":378317,"structure_id":53758,"section_number":"8.8A-116","catch_line":"Securities intermediary as purchaser for value","url":"\/8.8A-116\/","token":"8.8A\/1\/8.8A-116","metadata":false}],"previous_section":{"id":378315,"structure_id":53758,"section_number":"8.8A-114","catch_line":"Evidentiary rules concerning certificated securities","url":"\/8.8A-114\/","token":"8.8A\/1\/8.8A-114","metadata":false},"next_section":{"id":378317,"structure_id":53758,"section_number":"8.8A-116","catch_line":"Securities intermediary as purchaser for value","url":"\/8.8A-116\/","token":"8.8A\/1\/8.8A-116","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/8.8A-115\/","history_text":"

This law was first created in 1996. The record of its establishment is cataloged in chapter 216<\/a> of that year\u2019s edition of \u201cActs of Assembly,\u201d the annual state publication listing all changes made to the Code of Virginia in that year.<\/p>","references":false,"refers_to":false,"permalink":{"id":1510673,"object_type":"law","relational_id":378316,"identifier":"8.8A-115","token":"8.8A\/1\/8.8A-115","url":"\/8.8A-115\/","edition_id":2,"permalink":0,"preferred":1},"url":"\/8.8A-115\/","token":"8.8A\/1\/8.8A-115","dublin_core":{"Title":"Securities intermediary and others not liable to adverse claimant","Type":"Text","Format":"text\/html","Identifier":"\u00a7 8.8A-115","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A securities intermediary that has transferred a financial asset pursuant to an effective entitlement order<\/span>, 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:<\/p><\/section>\n\t\t\t\t\t\t

1.<\/span> took the action after it had been served with an injunction<\/span>, restraining order<\/span>, or other legal process enjoining it from doing so, issued by a court<\/span> of competent jurisdiction<\/span>, and had a reasonable opportunity to act on the injunction<\/span>, restraining order<\/span>, or other legal process; or <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

2.<\/span> acted in collusion with the wrongdoer in violating the rights of the adverse claimant; or <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

3.<\/span> in the case of a security certificate that has been stolen, acted with notice of the adverse claim. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nSECURITIES INTERMEDIARY AND OTHERS NOT LIABLE TO ADVERSE CLAIMANT (\u00a7 8.8A-115)\n\nA securities intermediary that has transferred a financial asset pursuant to an\neffective entitlement order, or a broker or other agent or bailee that has dealt\nwith a financial asset at the direction of its customer or principal, is not\nliable to a person having an adverse claim to the financial asset, unless the\nsecurities intermediary, or broker or other agent or bailee:\n\n1. took the action after it had been served with an injunction, restraining\norder, or other legal process enjoining it from doing so, issued by a court of\ncompetent jurisdiction, and had a reasonable opportunity to act on the\ninjunction, restraining order, or other legal process; or\n\n2. acted in collusion with the wrongdoer in violating the rights of the adverse\nclaimant; or\n\n3. in the case of a security certificate that has been stolen, acted with notice\nof the adverse claim.\n\nHISTORY: 1996, c. 216.","edition":{"id":2,"name":"2026","slug":"2026","date_created":"2026-07-16 18:40:23","date_modified":"2026-08-02 15:14:36","current":1,"order_by":2,"last_import":"2026-08-02 12:37:30"}}