554.8406  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 554.8404 or a claim to a new security certificate under section 554.8405.

Section History: Early form

  [C66, 71, 73, 75, 77, 79, 81, § 554.8406]

Section History: Recent form

  89 Acts, ch 113, § 42; 96 Acts, ch 1138, § 46, 84

Internal References

  Referred to in § 554.8404

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