8.8A-405 - A-405. Replacement of lost, destroyed or wrongfully taken security certificate. - Virginia Statutes

§ 8.8A-405. Replacement of lost, destroyed or wrongfully taken securitycertificate.

(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 the certificate has beenacquired 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 protected purchaserof the original certificate presents it for registration of transfer, theissuer shall register the transfer unless an overissue would result. In thatcase, the issuer's liability is governed by § 8.8A-210. In addition to anyrights on the indemnity bond, an issuer may recover the new certificate froma person to whom it was issued or any person taking under that person, excepta protected purchaser.

(1996, c. 216.)