Section 7-8-406 Obligation to Notify Issuer of Lost, Destroyed, or Wrongfully Taken Security Certificate.
74 words·~1 min read·
/al/title-7-commercial-code/part-4-registration/7-8-406·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
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 7-8-404 or a claim to a new security certificate under Section 7-8-405.