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 § 47-8-404 or a claim to a new security certificate under § 47-8-405.
Tenn. Code Ann. § 47-8-406
Obligation to issuer of destroyed, or wrongfully taken security certificate
Known as the Uniform Commercial Code
The act spans §§ 47–47 (578 sections).
Applied in 1 court decision — leading case Bank/First Citizens Bank v. Citizens & Associates (2002)
Most recently applied in Bank/First Citizens Bank v. Citizens & Associates (July 2002)
Acts 1997, ch. 79, § 1.
Current official text: Tennessee Code (LexisNexis). Digitized from the UniCourt Code Improvement Commission public-domain capture. Reproduced from public-domain Tennessee statutes; confirm against the official source for the current text. Not legal advice.