South Carolina § 36-8-405 Replacement of lost, destroyed, or wrongfully taken security certificate.

South Carolina Statutes

§ 36-8-405 — Replacement of lost, destroyed, or wrongfully taken security certificate.

South Carolina § 36-8-405

Title 36COMMERCIAL CODE

Ch. 8COMMERCIAL CODE—INVESTMENT SECURITIES

This text of South Carolina § 36-8-405 (Replacement of lost, destroyed, or wrongfully taken security certificate.) is published on Counsel Stack Legal Research, covering South Carolina primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

S.C. Code Ann. § 36-8-405 (2026).

Text

(a)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)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 36-8-210. In addition to any rights on the indemnity bond, an issuer may

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(a) 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) 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 36-8-210. 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.