§ 6A-8-405 - Replacement of lost, destroyed, or wrongfully taken security certificate. - Rhode Island Statutes

SECTION 6A-8-405

   § 6A-8-405  Replacement of lost, destroyed,or wrongfully taken security certificate. – (a) If an owner of a certificated security, whether in registered or bearerform, claims that the certificate has been lost, destroyed, or wrongfullytaken, the issuer shall issue a new certificate if the owner:

   (1) so requests before the issuer has notice that thecertificate has been acquired by a protected purchaser;

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

   (3) satisfies other reasonable requirements imposed by theissuer.

   (b) If, after the issue of a new security certificate, aprotected purchaser 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 § 6A-8-210. Inaddition to any rights on the indemnity bond, an issuer may recover the newcertificate from a person to whom it was issued or any person taking under thatperson, except a protected purchaser.