Section 7-8-406 Obligation to notify issuer of lost, destroyed, or wrongfully taken security certificate. - Alabama Statutes

Section 7-8-406

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 7-8-404 or a claim to a new security certificate under Section 7-8-405.

(Acts 1996, No. 96-742, p. 1241, §1.)