Sec. 3. An issuing authority shall issue a replacement bond for an unmatured bond which has been lost, destroyed or defaced when furnished with:.
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/il/chapter-30/act-315/3A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Sec. 3. An issuing authority shall issue a replacement bond for an unmatured bond which has been lost, destroyed or defaced when furnished with:
(a)Proof of ownership;
(b)Proof of loss or destruction or, in the case of a defaced bond, the bond and any coupons issued in connection therewith;
(c)Adequate security to indemnify the issuing authority and the bank or banks at which the bond is payable against any loss they may suffer on account of such replacement bond; and
(d)Payment of the cost of preparation of the replacement bond.