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 36-8-404 or a claim to a new security certificate under Section 36-8-405.
HISTORY: 1962 Code Section 10.8-406; 1966 (54) 2716; 1991 Act No. 161, Section 1; 2001 Act No. 67, Section 5.