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 acquires a security entitlement under Section 36-8-501 for value and without notice of the adverse claim.
S.C. Code Ann. § 36-8-502
Assertion of adverse claim against entitlement holder
Known as the Uniform Commercial Code
The act spans §§ 36-10-101 to 36-9-809 (519 sections).
2001 Act No. 67, SECTION 5.
Official source: South Carolina Legislature. Reproduced from public-domain South Carolina statutes; confirm against the official source for the current text. Not legal advice.