120. A securities intermediary that has transferred a financial asset in accordance with an effective entitlement order is not liable for any loss suffered as a result of the transfer by a person having an adverse claim to the financial asset unless
(1) the securities intermediary transferred the financial asset after being notified with a judgment enjoining the securities intermediary from doing so and after having a reasonable opportunity to abide by the judgment;
(2) the securities intermediary acted in collusion with the originator of the entitlement order in violating the rights of the person who has the adverse claim; or
(3) in the case of a stolen security certificate, the securities intermediary acted with notice of the adverse claim.