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 554.8404 or a claim to a new security certificate under section 554.8405 . [C66, 71, 73, 75, 77, 79, 81, §554.8406 ] 89 Acts, ch 113, §42 ; 96 Acts, ch 1138, §46, 84 Referred to in §554.8404