Tennessee Code Annotated
Tenn. Code Ann. § 47-8-406 (2026)
Obligation to issuer of destroyed, or wrongfully taken security certificate
✓ current as of May 2026
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 § 47-8-404 or a claim to a new security certificate under § 47-8-405.
Acts 1997, ch. 79, § 1.
Notes of Decisions
Cited in 1
case, 2002–2002 · leading case: Bank/First Citizens Bank v. Citizens & Assocs., 82 S.W.3d 259 (Tenn. 2002).
Bank/First Citizens Bank v. Citizens & Assocs., 82 S.W.3d 259 (Tenn. 2002). “However, even if Citizens and Associates is found to be precluded from asserting the entire loss against First Citizens Bank, it may nevertheless seek to shift the burden of the loss to the bank by showing (1) that First Citizens Bank failed to exercise ordinary care in taking…”
— Tenn. Code Ann. § 47-8-406(c) — 1 case
Bank/First Citizens Bank v. Citizens & Assocs., 82 S.W.3d 259 (Tenn. 2002). “However, even if Citizens and Associates is found to be precluded from asserting the entire loss against First Citizens Bank, it may nevertheless seek to shift the burden of the loss to the bank by showing (1) that First Citizens Bank failed to exercise ordinary care in taking…”
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