400.8-405. Replacement of lost, destroyed or wrongfully taken security certificates. - Missouri Statutes

Replacement of lost, destroyed or wrongfully taken securitycertificates.

400.8-405. (a) If an owner of a certificated security, whether inregistered or bearer form, claims that the certificate has been lost,destroyed or wrongfully taken, the issuer shall issue a new certificate if theowner:

(1) So requests before the issuer has notice that the certificate hasbeen acquired by a protected purchaser;

(2) Files with the issuer a sufficient indemnity bond; and

(3) Satisfies other reasonable requirements imposed by the issuer.

(b) If, after the issue of a new security certificate, a protectedpurchaser of the original certificate presents it for registration oftransfer, the issuer shall register the transfer unless an overissue wouldresult. In that case, the issuer's liability is governed by section400.8-210. In addition to any rights on the indemnity bond, an issuer mayrecover the new certificate from a person to whom it was issued or any persontaking under that person, except a protected purchaser.

(L. 1963 p. 503 § 8-405, A.L. 1992 S.B. 448, A.L. 1997 S.B. 6)