8-406 - Obligation to Notify Issuer of Lost, Destroyed, or Wrongfully taken Security Certificate. - New York Statutes

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