Utah Code 70A-8-406. Obligation to notify issuer of lost, destroyed, or wrongfully taken security certificate
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(1) If a security certificate has been lost, apparently destroyed, or wrongfully taken, and the owner fails to notify the issuer of that fact within the 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 70A-8-404 or a claim to a new security certificate under Section 70A-8-405 .
Terms Used In Utah Code 70A-8-406
- Land: includes :(18)(a) land;(18)(b) a tenement;(18)(c) a hereditament;(18)(d) a water right;(18)(e) a possessory right; and(18)(f) a claim. See 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- 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:(1)(p)(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;(1)(p)(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(1)(p)(iii)(1)(p)(iii)(A) is, or is of a type, dealt in or traded on securities exchanges or securities markets; or(1)(p)(iii)(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- Security certificate: means a certificate representing a security. See Utah Code 70A-8-101
- Water company: is a s defined in Section
16-4-102 . See Utah Code 70A-8-101(2) On and after July 1, 2011, Subsection(1) does not apply to the replacement of a lost, destroyed, or wrongfully taken share certificate of a water company. Section70A-8-409.1 governs replacement of a lost, destroyed, or wrongfully taken share certificate of a water company.(3) On and after May 8, 2012, Subsection(1) does not apply to the replacement of a lost, destroyed, or wrongfully taken share certificate of a land company. Section70A-8-409.1 governs the replacement of a lost, destroyed, or wrongfully taken share certificate of a land company. - Land company: means a mutual benefit corporation, as defined in Section