(1) If, as a result of the unauthorised execution, a person (in this section
called the claimant ), being:
- (a)
- in any case:
- (i)
- if subsection 956(1) applies—the person stated in the document as the
transferee of the transferred securities; or
- (ii)
- if subsection 956(2) applies—the person in whose favour the
proper SCH transfer was effected, or purported to be effected; or
- (b)
- if that person has disposed of any of the transferred securities—a
successor in title of that person to any of the transferred securities;
suffers loss in respect of any of the transferred securities, the claimant may
make a claim in respect of that loss.
(2) A person is not entitled to make a claim under this section if the person:
- (a)
- had actual knowledge that the transferor did not in fact authorise the
unauthorised execution; or
- (b)
- is an excluded person in relation to the dealer.
Commonwealth Numbered Acts