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 8‑1404 or a claim to a new security certificate under Section 8‑1405.
Me. Rev. Stat. tit. 11, § 8-1406
Obligation to notify issuer of lost, destroyed or wrongfully taken security certificate
Known as the Uniform Commercial Code
The act spans §§ 2-101 to 9-1709 (548 sections).
PL 1997, c. 429, §B2 (NEW).
Official source: Maine Legislature. Reproduced from public-domain Maine statutes; confirm against the official source for the current text. Not legal advice.