Section 45.08.405. Lost, destroyed, and stolen certificated securities.

   (a)   [Repealed, Sec. 68 ch 17 SLA 1996]. 
   (b) If the 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.
   (c) If, after the issue of a new security certificate, a protected purchaser of the original certificate presents the original certificate 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 AS 45.08.210. In addition to rights on the indemnity bond, an issuer may recover the new certificate from a person to whom it was issued or a person taking under that person, except a protected purchaser.

Authorities

45.08.406

Notes

References

AS 45.08.406 Obligation to notify issuer of lost, destroyed, or wrongfully taken security certificate.

History

(Sec. 8.405 ch 114 SLA 1962; am Sec. 50 ch 49 SLA 1990; am Sec. 43, 44, 68 ch 17 SLA 1996)