Bedford, TX asked in Securities Law for Louisiana

Q: Found 2 original stock certificates in grandfather’s bank box . Co. is not publically traded. Son now runs the business.

Does the present co. run by son have an obligation to honor stock certificates from 1963? This is a garment mfg. concern in CA that must have done business with my family’s garment mfg. concern in Louisiana and paid in stock shares. The son purchased or inherited the garment concern from father- Issuer of the stock certificates. The son’s family’s mfg. concern dates back to 1935. Around the time my grandfather started his mfg. concern. Son- owner of co. didn’t want to talk on phone. Very abrupt. Told me to put my questions in writing.

Related Topics:
1 Lawyer Answer
D. Alex Onstott
D. Alex Onstott
Answered
  • NEW ORLEANS, LA
  • Licensed in Louisiana

A: Securities law is very complex and fact specific. The easiest way to figure out the current status of the shares is to simply contact the company and ask. Without seeing the stock papers, knowing the company's position on the stock, and reviewing the current and historical operating agreements, it is impossible to know exactly whether or not the company must honor them. However, if the value of the shares is potentially substantial, you should contact an experienced securities lawyer to determine your rights, and potential obligations, before contacting anyone else.

Justia Ask a Lawyer is a forum for consumers to get answers to basic legal questions. Any information sent through Justia Ask a Lawyer is not secure and is done so on a non-confidential basis only.

The use of this website to ask questions or receive answers does not create an attorney–client relationship between you and Justia, or between you and any attorney who receives your information or responds to your questions, nor is it intended to create such a relationship. Additionally, no responses on this forum constitute legal advice, which must be tailored to the specific circumstances of each case. You should not act upon information provided in Justia Ask a Lawyer without seeking professional counsel from an attorney admitted or authorized to practice in your jurisdiction. Justia assumes no responsibility to any person who relies on information contained on or received through this site and disclaims all liability in respect to such information.

Justia cannot guarantee that the information on this website (including any legal information provided by an attorney through this service) is accurate, complete, or up-to-date. While we intend to make every attempt to keep the information on this site current, the owners of and contributors to this site make no claims, promises or guarantees about the accuracy, completeness or adequacy of the information contained in or linked to from this site.