Riverside, CA asked in Contracts, Real Estate Law and Energy, Oil and Gas for California

Q: How can I find out if stock certificates are still good? From 1964American Beryllium & oil corp,Leroy Cororation,

And stocks from Paradise strip investment, Nevada Land & mortgage com

1 Lawyer Answer
James L. Arrasmith
James L. Arrasmith pro label Lawyers, want to be a Justia Connect Pro too? Learn more ›
  • Sacramento, CA
  • Licensed in California

A: To find out if stock certificates from 1964 for American Beryllium & Oil Corp and Leroy Corporation are still valid, you can follow these steps:

Check if the company still exists: The first step is to determine whether the companies are still in business. You can search for information about the companies online or contact the relevant state agency in the state where the companies were incorporated to find out if they are still active.

Contact the company's transfer agent: If the company is still in business, you can contact its transfer agent, which is responsible for maintaining records of stock ownership and processing stock transfers. The transfer agent can provide you with information about the validity of the stock certificates and any steps you need to take to transfer ownership.

Check with the state's unclaimed property office: If the companies are no longer in business, you can check with the state's unclaimed property office to see if the stock certificates are considered unclaimed property. If they are, you may be able to claim them as the rightful owner.

There is no specific California law that applies to the validity of old stock certificates. However, there are some general principles that may be relevant:

Corporations Code Section 208: This section of the California Corporations Code requires that all corporations maintain a record of their shareholders and their stock certificates. This record must include the name and address of each shareholder, the number and class of shares held, and the date on which the shares were issued.

Unclaimed Property Law: The California Unclaimed Property Law requires that companies turn over unclaimed property to the state if the property has been inactive for a certain period of time. Stock certificates that have not been claimed by their rightful owner for a certain number of years may be considered unclaimed property and subject to this law.

Securities Law: The Securities Act of 1933 and the Securities Exchange Act of 1934 are federal laws that regulate the issuance and trading of securities, including stocks. These laws require companies to register their securities with the Securities and Exchange Commission (SEC) and provide information to investors about the company's financial condition and operations.

While there is no specific law that addresses the validity of old stock certificates, the above laws may be relevant depending on the specific circumstances of the stock certificates in question. It's always a good idea to consult with a financial advisor or an attorney to help you navigate the process of determining the validity and value of the stock certificates.

It's important to note that stock certificates from 1964 may be difficult to transfer or redeem, as the companies may have undergone multiple changes since that time, such as mergers, acquisitions, or bankruptcies. It's also possible that the certificates have no value or that they have been cancelled or replaced by new certificates. It's always a good idea to consult with a financial advisor or an attorney to help you navigate the process of determining the validity and value of the stock certificates.

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