(810 ILCS 5/8-405)
(from Ch. 26, par. 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
(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.
(Source: P.A. 89-364, eff. 1-1-96.)