N.Y. Uniform Commercial Code Law § 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.