Pennsylvania § 8405 Replacement of lost, destroyed or wrongfully taken security certificate

Pennsylvania Statutes

§ 8405 — Replacement of lost, destroyed or wrongfully taken security certificate

Pennsylvania·Title 13 COMMERCIAL CODE·Ch. 84 REGISTRATION

(a)When owner entitled to new security.--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:

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

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

(3)satisfies other reasonable requirements imposed by the issuer.

(b)Rights and duties of issuer when original certificate presented for registration.--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

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(a) When owner entitled to new security.--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:

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

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

(3) satisfies other reasonable requirements imposed by the issuer.

(b) Rights and duties of issuer when original certificate presented for registration.--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 8210 (relating to overissue). 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.

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