(1) 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:
(a) So requests before the issuer has notice that the certificate has been acquired by a protected purchaser;
(b) Files with the issuer a sufficient indemnity bond; and
(c) Satisfies other reasonable requirements imposed by the issuer.
(2) 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 ORS 78.2100. 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. [1961 c.726 §78.4050; 1985 c.676 §78.4050; 1995 c.328 §38]
Section: Previous 78.3190 78.3200 78.3210 78.4010 78.4020 78.4030 78.4040 78.4050 78.4060 78.4070 78.4080 78.5010 78.5020 78.5030 78.5040 NextLast modified: August 7, 2008