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 § 1854 of this title or a claim to a new security certificate under § 1855 of this title.
History —Aug. 17, 1995, No. 208, added as § 8-406 on Sept. 19, 1996, No. 241, § 12.