Changing ownership of Dividend Stock Certificates--Legal or not?

[Frank123456]

My deceased mother-in-law (actually her estate which my wife owns as sole heir) owns stock with an unrelated individual. The stock certificates do not state "Joint Tenants". Can we assume that the ownership is "Tenants in Common", thus her estate would own 1/2 of the stock?

Also, the bank issued several dividend stocks upon the original certificates and changed the name to say "...-Joint Tenants". We have questioned the North Carolina bank and their only response has been "Well, nobody questioned the ownership of the stock dividends before she died". Could the Bank have changed the ownership of the dividend stocks without the consent of the original stock certificate owners? Is there law or procedures, Security Exchange Commission (SEC) or other Agency, which governs payment of dividend stock certificates stating they have to be issued in the same ownership of the original certificates ??

Respond here and copy to my e-mail if you would please… [email protected]

Thanks

 

[advisor10]

1-25-2002

This type of question is more properly addressed by contacting your local stock broker or a CPA or local securities dealers association or business law attorney.