Sec. 406. 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 IC 26-1-8.1-404 or a claim to a new security certificate under IC 26-1-8.1-405.
Ind. Code § 26-1-8.1-406
Failure to notify issuer of lost, destroyed, or wrongfully taken certificates
Known as the Uniform Commercial Code
The act spans §§ 26-1-1-0.2 to 26-1-9.1-902 (630 sections).
As added by P.L.247-1995, SEC.10.
Official source: Indiana General Assembly. Reproduced from public-domain Indiana statutes; confirm against the official source for the current text. Not legal advice.