1. (a) 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:
2. (1) so requests before the issuer has notice that the certificate has been acquired by a protected purchaser;
3. (2) files with the issuer a sufficient indemnity bond; and
4. (3) satisfies other reasonable requirements imposed by the issuer.

5. (b) If, after the issue of a new

   security 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. In that case, the issuer's liability is governed by Section 12A-8-210 of this title. 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.

   Oklahoma Code Comment

   This Section is derived from and reworks pre-revision subsections 8-405(2) and (3). Section 8-405 applies only to the loss of certificated securities, stating that under certain conditions, the issuer shall issue a new security. Notably, this Section does not speak directly to the subject of uncertificated securities, but rather leaves it to the issuer to specify what it will do if it changes from certificated to uncertificated securities. Thus, the former Section 8-405 references to uncertificated forms have been deleted.

   Prior Statutory Provisions:

   18 Okla. Stat. § 1.105 (1947).

   Pre-revision UCC § 8-405.

Laws 1961, SB 36, p. 161, §