49. A depositary or agent, including a dealer, who has dealt with a security or other financial asset at the direction of a client or principal is not liable to a person having an adverse claim to the security or financial asset for any loss suffered by the person as a result, except if the depositary or agent
(1) acted as directed after having been notified with a judgment enjoining the depositary or agent from doing so and after having had a reasonable opportunity to abide by the judgment;
(2) acted in collusion with the client or principal in violating the rights of the person who has the adverse claim; or
(3) in the case of a security certificate that has been stolen, acted with notice of the adverse claim.