Obligation to Notify Issuer of Lost, Destroyed, or Wrongfully Taken Security Certificate.
If a security certificate has been lost, apparently destroyed, or wrongfully taken, and the owner fails to notify the issuer of that fact within a reasonable time after the owner has notice of it and the issuer registers a transfer of the security before receiving notification, the owner may not assert against the issuer a claim for registering the transfer under Section 8-404 of this title or a claim to a new security certificate under Section 8-405 of this title.
Added by Laws 1995, c. 242, § 39, eff. Feb. 1, 1996.
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