Colorado § 4-8-115 - Securities intermediary and others not liable to adverse claimant.
Full text of Colorado Colorado Revised Statutes § 4-8-115 — Securities intermediary and others not liable to adverse claimant., with citation guidance and answers to common questions.
§ 4-8-115. 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.
Source: L. 96: Entire article R&RE, p. 215, § 2, effective July 1.
Editor's note: This section is similar to former § 4-8-318 as it existed prior to 1996.
ANNOTATION
Law reviews. For article, "Buyer-Secured Party Conflicts Under Section 9-307(1) of the Uniform Commercial Code", see 46 U. Colo. L. Rev. 333 (1974-75).
Broker's disregard of suspicious circumstances is evidence of bad faith, and constitutes failure to observe commercially reasonable standards. First Nat. Bank v. Gilbert Marshall, 780 P.2d 73 (Colo. App. 1989) (decided under former § 4-8-318 as it existed prior to the 1996 repeal and reenactment of this article).
Source: official Colorado text · Last verified 2026-08-27
Frequently Asked Questions About Colorado § 4-8-115
What does Colorado Revised Statutes § 4-8-115 cover?
Section 4-8-115 ("Securities intermediary and others not liable to adverse claimant.") is part of the Colorado Revised Statutes, the codified statutory law of Colorado. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Colorado § 4-8-115?
A common citation format is "Colorado Revised Statutes § 4-8-115" (Colorado). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Colorado law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Colorado official source linked on this page or consult a licensed Colorado attorney.
How does Colorado § 4-8-115 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Colorado can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Colorado.