Section 55-8-406 - Obligation to notify issuer of lost, destroyed or wrongfully taken security certificate.
55-8-406. 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 55-8-404 NMSA 1978 or a claim to a new security certificate under Section 55-8-405 NMSA 1978.