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 7-8-404 or a claim to a new security certificate under Section 7-8-405.
Structure Code of Alabama
Article 8 - Investment Securities.
Section 7-8-401 - Duty of Issuer to Register Transfer.
Section 7-8-402 - Assurance That Indorsement or Instruction Is Effective.
Section 7-8-403 - Demand That Issuer Not Register Transfer.
Section 7-8-404 - Wrongful Registration.
Section 7-8-405 - Replacement of Lost, Destroyed, or Wrongfully Taken Security Certificate.
Section 7-8-407 - Authenticating Trustee, Transfer Agent, and Registrar.