Full Answer
How to read old stock certificates?
Enter the name of the company on the stock certificate in the company or business search box. If the company is still active, you’ll find results in seconds. Next, you’ll need to learn how to read old stock certificates. First, look for any signs that suggest the stock certificate is still valid.
Can a co-op deny a spouse a stock certificate or proprietary lease?
Because a disapproval would be against public policy and state law for legally non-differentiable spouses. However many coops would charge fees for a new stock certificate and proprietary lease made out in both person's names (normally JTWROS but sometimes not).
How to transfer a stock certificate from one company to another?
If the stock certificate is very old, however, that information may be out-of-date as well. You can find the right agent by contacting the current company’s stockholder services office. Companies very seldom employ in-house transfer agents. Therefore, you need to contact the current company transfer agent.
Can a corporation issue stock certificates?
Currently, stock certificates are seen more as collectibles and souvenirs than actual records of ownership. On the other hand, corporations may not have an interest in sending all shareholders stock certificates, although they are required to by law if requested. Issuing stock certificates increases clerical work.
Who holds the stock certificate on a co-op?
The Default Rule for Co-Ops: The Purchaser as Stockholder Rather than receiving deeds, buyers hold stock certificates. Stock certificates are personal property. In this case, they grant each shareholder a proprietary lease on one living space in a building.
How many names can be on a stock certificate?
Shares can be owned by two people. The corporation's transfer agent -- the administrator of a corporation's stock -- registers the two people as co-owners on a stock certificate, though some funds and brokers provide for joint ownership or joint brokerage accounts as well.
What happens to Coop when someone dies?
Whether or not there is a will, a proprietary lease in a co-op will not terminate upon the death of an owner. Most cooperative boards permit family members to continue to occupy an apartment after the death of a shareholder, provided that they resided with the deceased shareholder prior to his or her death.
How do I remove a name from a stock certificate?
Submit the signed stock ownership certificate, the stock power form and W-9 form to your brokerage firm or the company you have stock through. If you are changing your own name, due to marriage, divorce or court order, include a certified court document that verifies and authenticates your name change.
Can stock be held jointly?
Joint tenant ownership lets you own stocks with one of more other people. Each joint tenant owns an equal share of the stocks. If four joint tenants own 100 shares total, each one owns 25 percent of the stock. As a joint tenant, you do not automatically have the right to sell your stock shares.
Can shares be owned jointly?
Theoretically, a company may register a share transfer or allotment of shares into the joint names of any number of joint holders. For practical reasons, however, many companies limit the maximum number of joint shareholders via the Articles of Association – it's common to set an upper limit of 4 or 10 joint holders.
Who is a beneficiary in a cooperative?
Beneficiary means the person, persons, trust or trusts that have been designated by a Participant in his or her most recent written beneficiary designation filed with the Committee to receive the benefits specified under the Plan upon such Participant's death or to which Awards or other rights are transferred if and to ...
Can a co op be inherited?
When you inherit a co-op apartment, you are inheriting shares in a corporation that owns real property. You can sell those shares from the estate, or you can keep them. However, in order to be allowed to live in the apartment, the Board of Directors of the cooperative corporation must approve you.
Is a co op a timeshare?
A cooperative is a fairly rare form of building or estate ownership in which a building (or a group of buildings) is owned an operated by a group of individual shareholders. Timeshares: A timeshare is a form of property in which an individual purchases or rents a property for a set period of time per year.
How do I transfer stock to a family member?
The owner must endorse the stock by signing it in the presence of a guarantor, which can be their bank or broker. 2 There may also be a form on the back of the certificate, which relates to the transferring of ownership. After the certificate is complete, it will be rendered non-negotiable and becomes transferable.
How do I change ownership of a stock certificate?
The process of changing stock ownership The broker will simply make the transfer on its own internal books. If you transfer shares outside your broker, you'll need a broker-to-broker transfer form, and your current broker will need instructions on how to make the transfer to the receiving broker.
How do you transfer shares in case of death?
Transmission of Securities held jointly : In case the deceased was one of the joint holders, then the surviving holders have to request the DP vide a form called the transmission form along with a copy of notarised death certificate to transmit the securities lying in the account of the deceased to the account of the ...
How do you fill out a certificate of stock?
To fill out a stock certificate, you fill in the name of the shareholder, the name of the corporation, the number of shares represented by the certificate, the date, and possibly an identification number. There is also a space for a corporate officer to sign on behalf of the corporation and to affix the corporate seal.
How do you number stock certificates?
The top of your certificate identifies the certificate number and number of shares being issued. If this is the first stock certificate being issued by the company, then the certificate number should start at 1 or 0001.
Do stock certificates need to be signed?
A share certificate should be signed by two company directors or one director and the company secretary. For companies with a single director and no company secretary, the company director should sign in the presence of a witness who attests to his or her signature.
Do share certificates need to be signed?
A share certificate needs to be signed by: Two company's directors; or. A director and the company's secretary; or. In the event that the company has no company's secretary but single director then, the company director in the presence of an eyewitness who confirms to their signature.
Who signs a share certificate?
The share certificate must be signed in the name of the corporation by any one of the chairman or vice chairman of the board, or the president or a vice president and also by any one of the chief financial officer or an assistant treasurer, or the secretary or any assistant secretary. There is no mention of a date in the statute.
Does the statute mention a date on a share certificate?
The fact that the shares are redeemable. The fact that the shares are convertible and the period for conversion. Again, the statute makes no mention of a date. In the absence of any provision of the General Corporation Law requiring a date, what date goes on a share certificate?
Does the Corporations Code Section 418 require a date?
Again, the statute makes no mention of a date. Corporations Code Section 418 further requires that to the extent applicable the following statements must appear on the certificate: The fact that the shares are subject to restrictions upon transfer. If the shares are assessable or are not fully paid, a statement that they are assessable or ...
When did stock certificates end?
The demise of the stock certificate ends a centuries' old tradition. One of the oldest known examples of a stock certificate, found in Holland, was issued in 1606. It was around that time that the Dutch East India Company became the first company to issue stock.
How to get a share certificate?
The most obvious way to get your certificate is to go directly to the company that issued the stock, the issuer, and ask to have a physical certificate mailed to you. But going through the company can be an expensive and time-consuming process.
How to cash in stock?
In order to cash in the stock, you need to fill out the transfer form on the back of the certificate and have it notarized. Once complete, send the notarized certificate to the transfer agent, who will register the stock to you as owner. At that point, you can sell the stock through the transfer agent or via a stockbroker.
When did Disney retire frame ready certificates?
Although this change may not seem very newsworthy, it occasionally did hit the news, as in 2013 when Disney retired its frame-ready certificates that featured The Walt Disney Company's ( DIS) most notable cartoon characters. Today, most of the world's exchanges have either done away with or are phasing out paper certificates.
Is it easier to prove stock ownership?
Today, most of the world's exchanges have either done away with or are phasing out paper certificates. Stock ownership is much easier to prove now thanks to electronic records and electronic communication networks (ECN) .
Is a stock certificate a collectible?
Outdated Certificates As Collectibles. Stock certificates were often plain, straightforward documents. In their heyday, however, companies competed to create the most visually impressive certificates, which frequently were appealing examples of a printer's art. Some stock certificates are now collectors' items.
Does NY recognize domestic partners?
just a couple of comments, NY does not recognize domestic partners, so they have no legal standing in ownership unless a joint tenancy or tenancy in common is specifically created. Second, ownership should not be jtwros, it should be tenants by the entirety which automatically gives right of survivorship as does joint tenancy. Adding with right of survivorship is just a flourish, and can't hurt, but there are differences between tenancy by the entirety which is available to spouses only and joint tenancy which is available to two or more not married to each other.
Is a prop lease the same as a spouse?
our prop lease from 1985 states that same sex-partners are considered the same as spouses for rights of survivorship concerning passing of ownership of the co-op. one of my neighbors said she paid to put her daughters on the proprietary lease,so there would be no problems for their right of ownership.
Where does incorporation go?
Generally, incorporation goes through the Secretary of State, and the name of the business will be documented in those databases. You should be able to contact the Secretary of State's office and find out more about your certificate. Stock Certificate.
Can you transfer ownership of stock to your name?
The transfer agent will have a record of the person's name on the stock certificate; ownership can then be transferred to your name. This can be done in many different ways, so it's always best to contact the transfer agent and request instructions. Many of them are extremely picky.
Can stock search companies help you find stock guides?
Stock search companies may also publish or help you find stock guides to assist you in investigating an old stock. However, it is often the case that the company will charge you more than the stock is actually worth. (For related reading, see: I Lost My Share Certificate.
Do you need a probated will to transfer ownership?
A probated will with the necessary signatures of the executors may be required by the transfer agent before it will transfer ownership. Once the certificates have been delivered back to you in your name, you can deposit them with a broker and sell them accordingly.
How to know if a stock certificate is still valid?
Also, all seals and signatures should be undamaged. In other words, there should be no hole punches or stamps over any of the seals or signatures on the certificate.
What should be on the back of a stock certificate?
You have the information you need to investigate the worth of your old stock certificates. The transfer agent’s name should also be on the back of your stock certificate. If the stock certificate is very old, however, that information may be out-of-date as well.
How much does it cost to research old stock certificates?
The services of a stock certificate researcher may cost as little as $25 to $50. The stock certificate researcher can save the transfer agent a great deal of time.
Do you need a CUSIP number for a stock certificate?
This usually involves a fee. To do this, you’ll need the stock certificate CUSIP number. By law, every valid stock certificate must have a CUSIP number. The number is issued by the Committee on Uniform Security Identification Procedures.
What happens if a stock splits over years?
If the stock has split over the years, the amount listed might not be the amount your certificate is worth. Contact the stock certificate's transfer agent, who is responsible for keeping records for stockholders. The agent is listed on the certificate itself.
Can you throw away old stock certificates?
Old stock certificates shouldn't be simply thrown away. They can still have value if they represent an existing or merged company, or if they are valued as collectibles. A little bit of research can help you determine the worth, if any, of your old paper stock certificate. Step 1. Determine whether the company is still traded on a stock exchange.
Step 1: Head Down to the Library
There are reasonably priced databases although many of those are available at your local library.
Step 2: State Business Entity Search
Let's continue with Bowser Delaware Corp. from the previous steps example. The company was (as we assembled) incorporated in Delaware. From the state of Delaware we can receive the date of termination of the company and the company's last transfer agent which will be critical later on.
Step 3: Contact the Company's Transfer Agent
From our local library we were able to track down the various corporate changes that the company went through. From the Secretary of State's site we found a Business Entity Search. From this search we were able to gather the Transfer Agent information.
Step 4: Professional Help
At this point you have pieced together the entire corporate history for the shares that you own! If the transfer agent requires for you to get proof-of-purchase for your shares or any other legal matters arise it is at this point where professional help can be a very valuable resource.
Sharon M. Siegel
Citibank should have it. It does not get recorded like a deed becuase it is only shares of cooperative stock. If it is lost, the managing agent will likely be able to issue the owner a new stock certificate. Usually, there is a procedure for the owner to file a lost stock affidavit.
Anthony A. Ferrante
I fully agree with the attorney who posted above. The bank is the party who would typically hold onto the original stock certificate as collateral on their loan.
Anthony Matthew Vassallo
Typically (if not always), the bank has it. When you sign the mortgage, you pledge the physical shares to the bank as collateral. The bank holds the shares so that if it commences a foreclosure action the shares would be in its possession so it can prove its entitlement to assert ownership...
What is joint ownership?
Joint ownership can be as joint tenancy with right of survivorship, tenancy in its entirety or tenants in common. In JTWROS, the entire stock passes automatically to the survivor. Joint tenancy between spouses often is known as tenancy in its entirety, which is treated differently for tax purposes.
Does stock passing to a survivor avoid taxes?
Stock passing to a survivor automatically doesn't avoid taxes. If the value of the stock and other assets passing to the survivor total more than $5.2 million, estate taxes could apply. You may also have to pay a capital gains tax on the increased value of the stock when it is sold.
Can you sell stock without probate?
Jointly owned stock and brokerage accounts sometimes can pass to the surviving owner without having to go through probate. Three types of joint ownership exist. Depending upon the type, a surviving owner could sell the stock easily by presenting a death certificate to the broker and having his signature validated or guaranteed.
Can a deceased person sell stock without probate?
It becomes part of the estate and must be probated. Only in JTWROS or tenancy in entirety may the surviving owner sell the stock without probate.
The Key Pieces of Information
Transfer Agent
- If you have been successful in finding all this information, you will need to locate the name of the transfer agent. The easiest way is to contact the company and ask it directly. The main reason you need to go to a transfer agent is companies rarely handle their own securities in-house. They prefer to have another company take care of the bookkeeping and issuing of securities. The tran…
The Importance of Documentation
- If you are inheriting securities, ensure the individual whose name is on the certificate has bequeathed it to you. A probated will with the necessary signatures of the executors may be required by the transfer agent before it will transfer ownership. Once the certificates have been delivered back to you in your name, you can deposit them with a broker and sell them accordingly.
Have Someone Else Do The Work For You
- For those of you who have gone through all of these steps without any success, there are other means by which you can have your old stock certificates researched, but they will cost you some money. For a fee, stock search companies will do all of the investigative work for you and, if the certificate ends up having no trading value, they may offer to purchase it for a collector's value. …