|
Author
|
Topic: Stock Certificate Transfer Error?
|
csevel
New Member
|
posted 12-26-2002 03:25 AM
   
In 1994 I received a few stock shares of a company due to an inheritance from my father's estate. Additional stock certificates were mailed to me intermittently when the stock had split. I received small dividend checks throughout that time. Recently, I received two more certificates. The certificate numbers are sequential and dated the same day. Upon closer examination I realized that one of the certificates was a considerable number of shares. The amount was considerable enough for me to call the company to verify its validity. The company validated the amount in my account but it left me curious as to its origin. I knew my father's estate did not warrant the amount. I called the transfer agent to establish the origin. The request took more than 10 days by mail. When I received the letter, it stated only the person's name and address. It was from someone outside my state. I have no idea who this person is and am reluctant to mail them a letter asking them if it’s correct or stating “thank you very much”. What are the chances that this certificate is a mistake? What are my responsibilities as the recipient to verify its authenticity? Does this happen often, if ever? The transfer agent is a very reputable one. It's been more than two months and I'm waiting on copies of the actual transfer documents. Why wouldn't a person miss their shares if the transfer were incorrect? This has caused me anxiety and I'm wondering what actions I should be taking to safeguard myself. It would certainly be one hell of a media story if nothing else.IP: Logged |
Mark Astarita
Administrator
|
posted 12-26-2002 03:11 PM
Very interesting story, and one that I haven't heard before. You should speak to a local attorney, and get legal advice. To my knowledge, and this is just general information, and NOT legal advice, mistake is grounds for having the certificates returned to the rightful owner. I have handled similar cases in the past, but the law is different in each jurisdiction.Check with a lawyer who can properly advise you, given the laws of your state. ------------------
This message is general information only, and is not intended as legal advice. Do not rely upon this message without speaking to an attorney. IP: Logged |
csevel
New Member
|
posted 12-27-2002 01:10 AM
Thank you for your reply. I recognize the value of consulting with an attorney in my state. I am holding the certificates and not selling them as I also believe they should be returned to the true owner...I just feel slighted that it would be my resposibility to spend time, money and energy to fix a problem I didn't ask for.IP: Logged |
Mark Astarita
Administrator
|
posted 12-27-2002 10:32 AM
You are right of course, but you will be a better person for it. <g>. I would be 100% sure that the cert does not belong to you before doing anything though. Sometimes, with splits, mergers and consolidations, it gets a bit complicated.------------------
This message is general information only, and is not intended as legal advice. Do not rely upon this message without speaking to an attorney. [This message has been edited by Mark Astarita (edited 12-27-2002).] IP: Logged | |
UBBFriend: Email This Page to Someone!
The Securities Law Forums
