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 § 57A-8-404 or a claim to a new security certificate under § 57A-8-405.

Source: SL 1998, ch 284 , § 1.