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 36-8-404 or a claim to a new security certificate under Section 36-8-405.
S.C. Code Ann. § 36-8-406
Obligation to notify issuer of lost, destroyed, or wrongfully taken security certificate
Known as the Uniform Commercial Code
The act spans §§ 36–36 (519 sections).
1962 Code SECTION 10.8-406; 1966 (54) 2716; 1991 Act No. 161, SECTION 1; 2001 Act No. 67, SECTION 5.
Official source: South Carolina Legislature. Reproduced from public-domain South Carolina statutes; confirm against the official source for the current text. Not legal advice.