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 G.S. 25-8-404 or a claim to a new security certificate under G.S. 25-8-405.
N.C. Gen. Stat. § 25-8-406
Obligation to notify issuer of lost, destroyed, or wrongfully taken security certificate
Known as the Uniform Commercial Code
The act spans §§ 25–25 (616 sections).
1965, c. 700, s. 1; 1989, c. 588, s. 1; 1997-181, s. 1.
Official source: North Carolina General Assembly. Reproduced from public-domain North Carolina statutes; confirm against the official source for the current text. Not legal advice.