New York Uniform Commercial Code Law Section 8-406 - Obligation to Notify Issuer of Lost, Destroyed, or Wrongfully taken Security Certificate.

Section 8--406. Obligation  to  Notify  Issuer  of  Lost,  Destroyed, or
                Wrongfully taken Security Certificate.
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 8--404 or a claim to a new  security  certificate
  under Section 8--405.

Last modified: February 3, 2019