(8-405) Replacement of lost, destroyed, or wrongfully taken security certificate
N.D. Cent. Code § 41-08-38
in effect41-08-38. (8-405) Replacement of lost, destroyed, or wrongfully taken security
certificate.
1. 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:
a. So requests before the issuer has notice that the certificate has been acquired by
a protected purchaser;
b. Files with the issuer a sufficient indemnity bond; and
c. Satisfies other reasonable requirements imposed by the issuer.
2. 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 41-08-26. 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: Open US Law by Vaquill AI (CC BY 4.0)URL: https://ndlegis.gov/cencode/t41c08.pdf#nameddest=41-08-38Fetched: 10/16/2026