Ibanez owned shares of stock in Farmers Underwriters. He left the stock certificate lying on top of his desk in his office. Many persons continually passed through the office, and one day Ibanez realized that someone had taken the certificate from the top of his desk. Ibanez applied to Farmers Underwriters for a duplicate stock certificate. The corporation refused to issue a duplicate on the ground that it was Ibanez’s own fault that the original certificate had been stolen. Ibanez claimed that he was entitled to a new certificate even though he had been at fault. Was he correct? [Ibanez v Farmers Underwriters Ass’n, 534 P2d 1336 (Cal)]

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