Maine Revised Statutes Title 11 Sec. 8-1405 – Replacement of lost, destroyed or wrongfully taken security certificate
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(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; [PL 1997, c. 429, Pt. B, §2 (NEW).]
(b). Files with the issuer a sufficient indemnity bond; and [PL 1997, c. 429, Pt. B, §2 (NEW).]
(c). Satisfies other reasonable requirements imposed by the issuer. [PL 1997, c. 429, Pt. B, §2 (NEW).]
[PL 1997, c. 429, Pt. B, §2 (NEW).]
Terms Used In Maine Revised Statutes Title 11 Sec. 8-1405
- Security: except as otherwise provided in section 8?1103, means an obligation of an issuer or a share, participation or other interest in an issuer or in property or an enterprise of an issuer: (i) That is represented by a security certificate in bearer or registered form or the transfer of which may be registered upon books maintained for that purpose by or on behalf of the issuer;(ii) That is one of a class or series or by its terms is divisible into a class or series of shares, participations, interests or obligations; and(iii) That:(A) Is, or is of a type, dealt in or traded on securities exchanges or securities markets; or(B) Is a medium for investment and by its terms expressly provides that it is a security governed by this Article. See Maine Revised Statutes Title 11 Sec. 8-1102
- Security certificate: means a certificate representing a security. See Maine Revised Statutes Title 11 Sec. 8-1102
(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 Section 8-1210. 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.[PL 1997, c. 429, Pt. B, §2 (NEW).]
SECTION HISTORYPL 1997, c. 429, §B2 (NEW).