Delaware Code
6 Del. C. § 8-406 (2026)
Obligation to notify issuer of lost, destroyed, or wrongfully taken security certificate
✓ current as of May 2026
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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 8-404 or a claim to a new security certificate under Section 8-405.
5A Del. C. 1953, §§ 8-405; 55 Del. Laws, c. 349; 64 Del. Laws, c. 152, § 6; 71 Del. Laws, c. 75, § 1;Notes of Decisions
Cited in 2
cases (1 in the last 5 years), 2018–2024 · leading case: Anthony Miele, III v. Franklin Resources, Inc. (9th Cir. 2018).
Anthony Miele, III v. Franklin Resources, Inc. (9th Cir. 2018). “Franklin relies on 6 Del. C. § 8-406, which provides an affirmative defense to both claims.”
United Atl. Ventures, LLC v. Odyssey Transfer & Trust Co. (D. Del. 2024). “June 15, 2017) (‘Section 8-401, which describes an issuer’s duty to register the transfer of securities, applies to the removal of a restrictive legend because a removal is deemed a registered transfer. Section 8-407 extends the issuer’s duty to 3 At oral argument, UAV agreed…”
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