70A-8-405 - Replacement of lost, destroyed, or wrongfully taken security certificate.
70A-8-405. Replacement of lost, destroyed, or wrongfully taken security certificate.
(1) If an owner of a certificated security, whether in registered or bearer form, claims thatthe certificate has been lost, destroyed, or wrongfully taken, the issuer shall issue a newcertificate if the owner:
(a) so requests before the issuer has notice that the certificate has been acquired by aprotected purchaser;
(b) files with the issuer a sufficient indemnity bond; and
(c) satisfies other reasonable requirements imposed by the issuer.
(2) If, after the issue of a new security certificate, a protected purchaser of the originalcertificate presents it for registration of transfer, the issuer shall register the transfer unless anoverissue would result. In that case, the issuer's liability is governed by Section 70A-8-210. Inaddition to any rights on the indemnity bond, an issuer may recover the new certificate from aperson to whom it was issued or any person taking under that person, except a protectedpurchaser.
Repealed and Re-enacted by Chapter 204, 1996 General Session