2015 Utah Code
Title 70A - Uniform Commercial Code
Chapter 8 - Uniform Commercial Code - Investment Securities
Part 4 - Registration
Section 405 - Replacement of lost, destroyed, or wrongfully taken security certificate.

70A-8-405. Replacement of lost, destroyed, or wrongfully taken security certificate.

• (1) If an owner of a certificated security, whether in registered or bearer form, claims that the certificate has been lost, destroyed, or wrongfully taken, the issuer shall issue a new certificate if the owner:
  • (a) requests that a new certificate be issued before the issuer has notice that the certificate has been acquired by a protected purchaser;
  • (b) files with the issuer a sufficient indemnity bond; and
  • (c) satisfies other reasonable requirements imposed by the issuer.

• (2)
  • (a) If, after the issue of a new certificate, a protected purchaser of the original certificate presents it for registration of transfer, the issuer shall register the transfer unless an overissue would result.
  • (b) If an overissue would result from registration of transfer, the issuer's liability is governed by Section 70A-8-210.
  • (c) In addition to any rights on the indemnity bond, an issuer may recover the new certificate from a person to whom it was issued or any person taking under that person, except a protected purchaser.

• (3) On and after July 1, 2011, this section does not apply to the replacement of a lost, destroyed, or wrongfully taken share certificate of a water company. Section 70A-8-409.1 governs replacement of a lost, destroyed, or wrongfully taken share certificate of a water company.

• (4) On and after May 8, 2012, this section does not apply to the replacement of a lost, destroyed, or wrongfully taken share certificate of a land company. Section 70A-8-409.1 governs the replacement of a lost, destroyed, or wrongfully taken share certificate of a land company.

Amended by Chapter 386, 2012 General Session