MARVIN MANDEL, Governor

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subsection (1); or

(b)   The owner is precluded from asserting any
claim for registering the transfer under subsection (1)
of the following section; or

(c)   Such delivery would result in overissue,
in which case the issuer's liability is governed by §
8-104.

8—405. Lost, destroyed and stolen securities.

(1)   Where a security has been lost, apparently
destroyed or wrongfully taken and the owner fails to
notify the issuer of that fact within a reasonable time
after he has notice of it and the issuer registers a
transfer of the security before receiving such a
notification, the owner is precluded from asserting
against the issuer any claim for registering the transfer
under the preceding section or any claim to a new
security under this section.

(2)    Where the owner of a security claims that the
security has been lost, destroyed or wrongfully taken,
the issuer must issue a new security in place of the
original security if the owner

(a)   So requests before the issuer has notice
that the security has been acquired by a bona fide
purchaser; and

(b)    Piles with the issuer a sufficient
indemnity bond; and

(c)      Satisfies any other reasonable
requirements imposed by the issuer.

(3)   If, after the issue of the new security, a bona
fide purchaser of the original security presents it for
registration of transfer, the issuer must register the
transfer, unless registration would result in overissue,
in which event the issuer's liability is governed by §
8—104. In addition to any rights on the indemnity bond,
the issuer may recover the new security from the person
to whom it was issued or any person taking under him
except a bona fide purchaser.

8-406. Duty of authenticating trustee, transfer agent or
registrar.

(1) Where a person acts as authenticating trustee,
transfer agent, registrar, or other agent for an issuer
in the registration of transfers of its securities or in
the issue of new securities or in the cancellation of