I lost my stock certificates, can I still sell my stocks?
Answers | 5
You can't sell your securities until you have securities to sell. Here is a link: http://www.sec.gov/answers/lostcert.htm that explains what you need to do to replace your certificates.
Yes – you can sell the stock if the company is still viable. However, you will need to replace the physical certificate. To do so, you will need to contact the company's stock transfer agent.
The corporation should be able to provide you with information on how to contact the transfer agent. Try the company's investor relations department.
A transfer agent for a company keeps a record of every outstanding stock certificate and the name of the person to whom it is registered. When stock is transferred from one person or entity to another the transfer agent transfers the ownership of the stock and records the transaction.
Once you notify the transfer agent of the lost certificate, the agent will place what is called a "stop transfer" on the certificate to prevent others from cashing it in. This is much like the stop payment that you might place on a check at your local bank. The transfer agent or the broker-dealer will then notify the SEC of the lost or missing certificates.
You will then need to provide some information. First, you will need to describe the loss and any facts surrounding the loss in an affidavit. Second, you will need to purchase an indemnity bond. The purpose of this bond is to protect the corporation and the agent in case the lost certificate is somehow redeemed by another party at a later date. This insurance usually costs 1 to 3% of value of the shares. When you have provided this information, a new certificate will then be issued.
In the future, you should explore holding securities in electronic form, making the need holding physical certificates obsolete. The process is known as holding securities in “street name” and also facilitates trading. Holding securities in street name does not diminish your owner's rights.
Hope you have success.
Generally, it is possible to withdraw limited amounts of cash from a life insurance policy. The amount available differs based on the type of policy you own and the company issuing it. The main advantage of cash-value withdrawals is that they are not taxable up to your policy basis, If they exceed your basis, they could be taxable.
Keep in mind:
1. Withdrawals that reduce your cash value could cause a reduction of your death benefit. If so, some or all of the withdrawn cash could be subject to taxation.
2. Withdrawals that reduce your cash surrender value could cause your premiums to increase in order to maintain the same death benefit; otherwise, the policy could lapse..
3. If your policy has been classified as an MEC, withdrawals generally are taxed according to the rules applicable to annuities – cash disbursements are considered to be made from interest first and are subject to income tax and possibly the 10% early-withdrawal penalty if you're under age 59.5 at the time of the withdrawal.
As an Investment Manager, we prefer to use equity cash flows from investments rather than debt financing. many folks hate to pay fees to access there own money.
Hope this helps and you can contact us directly to discuss your situation in greater detail. No obligation
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