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 12A-8-404 of this title or a claim to a new security certificate under Section 12A-8-405 of this title.

Oklahoma Code Comment

This Section is applicable specifically to either registered or bearer form securities. The Section retains what was found in pre-revision subsection 8- 405(1). Notably, however, this Section is limited to precluding an owner from making a claim against an issuer for wrongful registration if the owner delays in reporting a (i) lost, (ii) destroyed, or (iii) stolen certificate. As the Section states, an owner also cannot seek a replacement security under Section 8-405.

Subsections (2) and (3) of pre-revision Section 8-405 as to seeking replacement securities remain in Section 8-405.

Prior Statutory Provisions:

Pre-revision UCC § 8-405(1).

Laws 1995, SB 522, c. 242, § 39, eff. February 1, 1996.