Sec. 42a-8-406. Obligation to notify issuer of lost, destroyed or wrongfully taken security certificate.
Sec. 42a-8-406. 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 42a-8-404, or a claim to a new security certificate
under section 42a-8-405.
(1959, P.A. 133, S. 8-406; P.A. 79-435, S. 42; P.A. 97-182, S. 39.)
History: P.A. 79-435 distinguished between certificated and uncertificated securities; P.A. 97-182 replaced former
provisions re duty of authenticating trustee, transfer agent or registrar with provisions re consequences of an owner failing
to notify the issuer of a lost, destroyed or wrongfully taken security certificate, a restatement of Sec. 42a-8-405(1), revised
to 1997.
See Sec. 42a-8-407 for successor provisions to Sec. 42a-8-406, revised to 1997, re duty of authenticating trustee, transfer
agent and registrar.