North Dakota § 41-08-38 (8-405) Replacement of lost, destroyed, or wrongfully taken security certificate

North Dakota Statutes

§ 41-08-38 — (8-405) Replacement of lost, destroyed, or wrongfully taken security certificate

North Dakota § 41-08-38

Title 41Uniform Commercial Code

Ch. 41-08Investment Securities

This text of North Dakota § 41-08-38 ((8-405) Replacement of lost, destroyed, or wrongfully taken security certificate) is published on Counsel Stack Legal Research, covering North Dakota primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

N.D. Cent. Code § 41-08-38 (2026).

Text

certificate.

1.If an owner of a certificated security, whether in registered or bearer form, claims that the certificate has been lost, destroyed, or wrongfully taken, the issuer shall issue a new certificate if the owner:

a.So requests before the issuer has notice that the certificate has been acquired by a protected purchaser;

b.Files with the issuer a sufficient indemnity bond; and

c.Satisfies other reasonable requirements imposed by the issuer.

2.If, after the issue of a new security certificate, a protected purchaser of the original certificate presents it for registration of transfer, the issuer shall register the transfer unless an overissue would result. In that case, the issuer's liability is governed by section 41-08-26. In addition to any rights on the indemnity bond, an is

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certificate.
1. If an owner of a certificated security, whether in registered or bearer form, claims that
the certificate has been lost, destroyed, or wrongfully taken, the issuer shall issue a
new certificate if the owner:
a. So requests before the issuer has notice that the certificate has been acquired by
a protected purchaser;
b. Files with the issuer a sufficient indemnity bond; and
c. Satisfies other reasonable requirements imposed by the issuer.
2. If, after the issue of a new security certificate, a protected purchaser of the original
certificate presents it for registration of transfer, the issuer shall register the transfer
unless an overissue would result. In that case, the issuer's liability is governed by
section 41-08-26. In addition to any rights on the indemnity bond, an issuer may
recover the new certificate from a person to whom it was issued or any person taking
under that person, except a protected purchaser.