Any shares are usually liquidated so what remains to be claimed – in perpetuity – is a cash sum that never changes and pays out no interest. Some estates want the closure, or feel they have to act, and instruct us to go ahead anyway, and either transfer the shares out of the Deceased’s name, or just have the stamp affixed to the transfer form while others are concerned about throwing good money after bad and take a view on preserving the estate residue.Ībandonment of US securities will eventually lead the shares and any dividends to escheat – assets are flagged as dormant or abandoned, and passed to the Unclaimed Property department of the US State in which the company incorporates. Liberty and Vodafone spinoff Verizon come up a lot, and are often very low in value due to the terms of the deal that created them.
While it’s not my call, and views differ, it’s a valid conversation to have with the estate administrators. I often have conversations with estate practitioner clients about the potential for abandonment of very low value US listed securities like these, that are worth less than the cost of a Medallion Guarantee stamp. Where can I obtain a Medallion Guarantee stamp ? Is there a UK list of institutions participating in this scheme? The Medallion Guarantee is NOT the same as a Notary Public notarization. They say that the Medallion Signature Guarantee stamp must be provided by an eligible institution, such as a commercial bank, trust company, national bank, credit union, brokerage firm, etc., that is participating in a Medallion Guarantee Program such as STAMP, SEMP, MSP or other Securities Transfer Association Inc. They require transfer forms completed which have to be stamped with a Medallion Signature Guarantee stamp provided by an eligible institution.
US Computershare have an original grant of probate but this is insufficient evidence for them, particularly as its not dated within the last 60 days. The deceased held shares in LIBERTY LATIN AMERICA which I want transferred to a UK beneficiary. I have contacted US Computershare, the transfer agent for LIBERTY LATIN AMERICA LTD.
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