Alabama § 7-8-406 Obligation to Notify Issuer of Lost, Destroyed, or Wrongfully Taken Security Certificate

Alabama Statutes

§ 7-8-406 — Obligation to Notify Issuer of Lost, Destroyed, or Wrongfully Taken Security Certificate

Alabama·Title 7 Commercial Code·Art. 8 Investment Securities·Part 4 Registration

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 7-8-404 or a claim to a new security certificate under Section 7-8-405.

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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 7-8-404 or a claim to a new security certificate under Section 7-8-405.

Alabama § 7-8-406 (Obligation to Notify Issuer of Lost, Destroyed, or Wrongfully Taken Security Certificate) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.