N.Y. Uniform Commercial Code Law § 8-405: Replacement of Lost, Destroyed, or Wrongfully taken Security Certificate

Section 8--405. Replacement of Lost, Destroyed, or Wrongfully taken

Security Certificate.

(a) 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:

(1) so requests before the issuer has notice that the certificate

has been acquired by a protected purchaser;

(2) files with the issuer a sufficient indemnity bond; and

(3) satisfies other reasonable requirements imposed by the

issuer.

(b) 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--210. 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.