<?xml version='1.0' encoding='utf-8'?>
<section article="gcl" article_name="Commercial Law" number="8-405" title_number="8" title_name="Investment Securities" subtitle_number="4" subtitle_name="Registration">
  <level label="a">
    <text>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:</text>
    <level label="1">
      <text>So requests before the issuer has notice that the certificate has been acquired by a protected purchaser;</text>
    </level>
    <level label="2">
      <text>Files with the issuer a sufficient indemnity bond; and</text>
    </level>
    <level label="3">
      <text>Satisfies other reasonable requirements imposed by the issuer.</text>
    </level>
  </level>
  <level label="b">
    <level label="1">
      <text>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 § 8-210 of this title.</text>
    </level>
    <level label="2">
      <text>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.</text>
    </level>
  </level>
</section>
