An action based on an adverse claim to a financial asset, whether framed in conversion, replevin, constructive trust, equitable lien, or other theory, may not be asserted against a person who acquired a security entitlement with respect to such financial asset under Section 7-8-501 for value and without notice of the adverse claim.
Ala. Code § 7-8-502
Assertion of Adverse Claim Against Entitlement Holder.
Known as the Uniform Commercial Code
The act spans §§ 7-10-101 to 7-9A-809 (703 sections).
(Acts 1996, No. 96-742, p. 1241, §1.)
Official source: Alabama Legislature (ALISON). Reproduced from public-domain Alabama statutes; confirm against the official source for the current text. Not legal advice.