Utah Code 70A-8-405. Replacement of lost, destroyed, or wrongfully taken security certificate

(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:

Terms Used In Utah Code 70A-8-405

Land: includes :Utah Code 68-3-12.5
Land company: means a mutual benefit corporation, as defined in Section 16-6a-102, that bases the use of the corporation's land on issued share ownership. See Utah Code 70A-8-101
Person: means :Utah Code 68-3-12.5
Security: except as otherwise provided in Section 70A-8-102, 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 that:

(i)	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)	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)

(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 chapter. See Utah Code 70A-8-101 Water company: is a s defined in Section 16-4-102. See Utah Code 70A-8-101
(a)	requests that a new certificate be issued 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)

(a)	If, after the issue of a new 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.

(b)	If an overissue would result from registration of transfer, the issuer’s liability is governed by Section 70A-8-210.

(c)	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.

(3)	On and after July 1, 2011, this section does not apply to the replacement of a lost, destroyed, or wrongfully taken share certificate of a water company. Section 70A-8-409.1 governs replacement of a lost, destroyed, or wrongfully taken share certificate of a water company.

(4)	On and after May 8, 2012, this section does not apply to the replacement of a lost, destroyed, or wrongfully taken share certificate of a land company. Section 70A-8-409.1 governs the replacement of a lost, destroyed, or wrongfully taken share certificate of a land company.

Amended by Chapter 386, 2012 General Session

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