Michigan § 440.8115 - Transferring or dealing with financial asset; liability of securities intermediary, broker, or agent.
Full text of Michigan Michigan Compiled Laws § 440.8115 — Transferring or dealing with financial asset; liability of securities intermediary, broker, or agent., with citation guidance and answers to common questions.
§ 440.8115. Transferring or dealing with financial asset; liability of securities intermediary, broker, or agent.
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 did 1 or more of the following:
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.
Acted in collusion with the wrongdoer in violating the rights of the adverse claimant.
In the case of a security certificate that has been stolen, acted with notice of the adverse claim.
Source: official Michigan text · Last verified 2026-08-27
Frequently Asked Questions About Michigan § 440.8115
What does Michigan Compiled Laws § 440.8115 cover?
Section 440.8115 ("Transferring or dealing with financial asset; liability of securities intermediary, broker, or agent.") is part of the Michigan Compiled Laws, the codified statutory law of Michigan. 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 Michigan § 440.8115?
A common citation format is "Michigan Compiled Laws § 440.8115" (Michigan). 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 Michigan law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Michigan official source linked on this page or consult a licensed Michigan attorney.
How does Michigan § 440.8115 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Michigan 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 Michigan.