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