Older Uniform Acts

Securities Transfer Act



DIVISION 10 - INTERMEDIARIES’ LIABILITY AND INTERMEDIARIES AS PURCHASERS FOR VALUE

Not liable to adverse claimant


63(1)    Subject to subsection (3), a securities intermediary that has transferred a financial asset pursuant to an effective entitlement order is not liable to a person having an adverse claim to, or a security interest in, the financial asset.
(2)    Subject to subsection (3), 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, or a security interest in, the financial asset.
(3)    A securities intermediary referred to in subsection (1) or a broker or other agent or bailee referred to in subsection (2) is liable to a person having an adverse claim to, or a security interest in, the financial asset if the securities intermediary, broker or other agent or bailee, as the case may be, did one or more of the following:
(a)    took the action after having been served with an injunction, restraining order or other legal process issued by a court of competent jurisdiction enjoining the securities intermediary, broker or other agent or bailee, as the case may be, from taking action and after having had a reasonable opportunity to obey or otherwise abide by the injunction, restraining order or other legal process;
(b)    acted in collusion with the wrongdoer in violating the rights of the person making the adverse claim or the person who has the security interest;
(c)    in the case of a security certificate that has been stolen, acted with notice of the adverse claim.
Securities intermediary purchaser for value
64(1)    A securities intermediary that receives a financial asset and establishes a securities entitlement to the financial asset in favour of an entitlement holder is a purchaser for value of the financial asset.
(2)    A securities intermediary that acquires a security entitlement to a financial asset from another securities intermediary acquires the security entitlement for value if the securities intermediary acquiring the security entitlement establishes a security entitlement to the financial asset in favour of an entitlement holder.

Next Annual Meeting

2020 Annual Meeting

Place to be Announced

August 9 – 13, 2020