Section 8--105. Notice of Adverse Claim

(a) A person has notice of an adverse claim if:
         (1) the person knows of the adverse claim;
         (2) the  person  is  aware  of  facts sufficient to indicate that
             there is a significant probability  that  the  adverse  claim
             exists   and   deliberately  avoids  information  that  would
             establish the existence of the adverse claim; or
         (3) the person has a duty, imposed by statute or  regulation,  to
             investigate   whether   an  adverse  claim  exists,  and  the
             investigation so required would establish  the  existence  of
             the adverse claim.
    (b) Having  knowledge that a financial asset or interest therein is or
  has been transferred by a representative imposes no duty of inquiry into
  the rightfulness of a transaction and is not notice of an adverse claim.
  However, a person who knows that  a  representative  has  transferred  a
  financial  asset  or interest therein in a transaction that is, or whose
  proceeds  are  being  used,  for   the   individual   benefit   of   the
  representative  or  otherwise in breach of duty has notice of an adverse
  claim.
    (c) An act or event that creates a right to immediate  performance  of
  the principal obligation represented by a security certificate or sets a
  date on or after which the certificate is to be presented or surrendered
  for  redemption  or  exchange  does  not  itself constitute notice of an
  adverse claim except in the case of a transfer more than:
         (1) one year after a date set for presentment  or  surrender  for
             redemption or exchange; or
         (2) six  months  after  a  date  set for payment of money against
             presentation or surrender of the certificate,  if  money  was
             available for payment on that date.
    (d) A  purchaser  of  a certificated security has notice of an adverse
  claim if the security certificate:
         (1) whether in bearer or registered form, has been indorsed  "for
             collection"  or "for surrender" or for some other purpose not
             involving transfer; or
         (2) is in bearer form and has on it an unambiguous statement that
             it is the property of a person other than the transferor, but
             the mere writing of a name on the certificate is not  such  a
             statement.
    (e)   Except  as  provided in section 9--516(e), filing of a financing
  statement under Article 9 is  not  notice  of  an  adverse  claim  to  a
  financial asset.