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 336.8-404 or a claim to a new security certificate under section 336.8-405.
Minn. Stat. § 336.8-406
1995 c 194 art 1 s 39