(a) An issuer may, without an election, issue a bond:
(1) to be exchanged for a damaged bond; or
(2) to replace a destroyed, lost, or stolen bond.
(b) A replacement bond may be issued under this subchapter only for a bond that is outstanding and that was lawfully issued.
(c) A replacement bond issued under Subsection (a)(2) must be issued on indemnity satisfactory to:
(1) the issuer; and
(2) the trustee if the bond being replaced is secured by a trust indenture.
(d) An issuer may require an affidavit or another form of evidence satisfactory to the issuer to establish ownership and the circumstances of the damage, destruction, loss, or theft of the bond.