Section 440.8406 - Lost, destroyed, or wrongfully taken security certificate; failure to notify issuer.
UNIFORM COMMERCIAL CODE (EXCERPT)
Act 174 of 1962
440.8406 Lost, destroyed, or wrongfully taken security certificate; failure to notify issuer.
Sec. 8406.
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 8404 or a claim to a new security certificate under section 8405.
History: 1962, Act 174, Eff. Jan. 1, 1964 ;-- Am. 1987, Act 16, Imd. Eff. Apr. 24, 1987 ;-- Am. 1998, Act 278, Imd. Eff. July 27, 1998