§ 25-8-406. Obligation to notify issuer of lost, destroyed, or wrongfully taken security certificate. - North Carolina Statutes

§25‑8‑406.  Obligation to notify issuer of lost, destroyed, orwrongfully taken security certificate.

If a security certificate hasbeen lost, apparently destroyed, or wrongfully taken, and the owner fails tonotify the issuer of that fact within a reasonable time after the owner hasnotice of it and the issuer registers a transfer of the security beforereceiving notification, the owner may not assert against the issuer a claim forregistering the transfer under G.S. 25‑8‑404 or a claim to a newsecurity certificate under G.S. 25‑8‑405. (1965,c. 700, s. 1; 1989, c. 588, s. 1; 1997‑181, s. 1.)