T-11.002 - Act respecting the transfer of securities and the establishment of security entitlements

Section 98 Disposition versions

2009-01-01

98. If, after the issue of a new security certificate, a protected purchaser of the lost, wrongfully taken or allegedly destroyed security certificate presents that security certificate for the registration of the transfer of the security, the issuer must register the transfer, as requested by that purchaser.

This rule does not apply if the registration of the transfer would result in an overissue, in which case the issuer’s liability to the protected purchaser is governed by section 47.

An issuer that suffers a loss as a result of the application of this section may exercise against the registered holder to whom the issuer issued a new security certificate all the rights the issuer may have under the security provided by the registered holder.

2008, c. 20, s. 98.