Obligation to notify issuer of lost, destroyed, or wrongfully taken security certificate 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 8—404 of this title or a claim to a new security certificate under section 8—405 of this title. (Added 1995, No. 92 (Adj. Sess.), § 1, eff. Jan. 1, 1997.)
Vermont Legal Code