(a) In cases in which a valid bond, note, interest coupon, or evidence of indebtedness, that is, an “instrument”, issued by the State of Arkansas, or any of its departments, agencies, or political subdivisions, including without limitation school districts and improvement districts of all kinds, becomes lost, mislaid, destroyed, or stolen, the body that issued the instrument, or its successor, shall issue and deliver to the one owning the right, title, and interest to and in the instrument a replacement instrument, but only on the filing with the body of:(1) An affidavit reciting ownership of all right, title, or interest in and to the lost, mislaid, destroyed, or stolen instrument and giving its name, the name of the board, commission, or body that issued it, the date of maturity, the denomination and number and that of a lost, mislaid, destroyed, or stolen interest coupon appertaining thereto, and briefly describing the circumstance of the loss, mislaying, destruction, or theft; and(2) A bond in double the face amount of the replacement, including any interest coupons affixed thereto, with a surety company licensed to do business in Arkansas as surety thereon, conditioned that if the principal, the heirs, legal representatives, successors, or assigns of the principal, or any of them, in case the instrument so lost, mislaid, destroyed, or stolen is found or comes into the hands or power of any of them, or into the hands, custody, or power of any other person, shall deliver, or cause it to be delivered to the obligor for cancellation, and also shall at all times indemnify and save harmless the obligor from and against all loss, claims, actions, suits, damages, charges, or expenses of any nature and character by reason of the lost, mislaid, destroyed, or stolen instrument, or the issuance of a replacement in lieu thereof, or the paying or crediting as prescribed of the face amount of the lost, mislaid, destroyed, or stolen instrument without the surrender thereof, then the obligation shall be void, otherwise to remain in full force and effect.
(1) An affidavit reciting ownership of all right, title, or interest in and to the lost, mislaid, destroyed, or stolen instrument and giving its name, the name of the board, commission, or body that issued it, the date of maturity, the denomination and number and that of a lost, mislaid, destroyed, or stolen interest coupon appertaining thereto, and briefly describing the circumstance of the loss, mislaying, destruction, or theft; and
(2) A bond in double the face amount of the replacement, including any interest coupons affixed thereto, with a surety company licensed to do business in Arkansas as surety thereon, conditioned that if the principal, the heirs, legal representatives, successors, or assigns of the principal, or any of them, in case the instrument so lost, mislaid, destroyed, or stolen is found or comes into the hands or power of any of them, or into the hands, custody, or power of any other person, shall deliver, or cause it to be delivered to the obligor for cancellation, and also shall at all times indemnify and save harmless the obligor from and against all loss, claims, actions, suits, damages, charges, or expenses of any nature and character by reason of the lost, mislaid, destroyed, or stolen instrument, or the issuance of a replacement in lieu thereof, or the paying or crediting as prescribed of the face amount of the lost, mislaid, destroyed, or stolen instrument without the surrender thereof, then the obligation shall be void, otherwise to remain in full force and effect.
(b) This section does not:(1) Limit or abridge any defense that the obligor may have against the lost, mislaid, destroyed, or stolen instrument; or(2) Waive any provision of any statute of limitations.
(1) Limit or abridge any defense that the obligor may have against the lost, mislaid, destroyed, or stolen instrument; or
(2) Waive any provision of any statute of limitations.