C
cora912880
Guest
I left a job a little over a year ago, and I rolled my 401K over to my new company's 401K plan. Part of my old company's 401K included company stock, which I could not roll over into my new employer's plan, so I asked for the stock to be sent to me as a certificate. The old company set the stock to my house, and I filed it away.
This year, I went to a large bank in North Carolina, where I live, and sold the stock. The money from the stock was placed in my new brokerage account, but for some reason, I could not access it. I later found out that the old company wrote the stock certificate out to the new company's 401K provider, for the benefit of me. The bank said that thay could not release the money in my account until they received a Stock Power and a Corporate Resolution from the new 401K company. We contacted said company, which refuses to sign the said papers because the stock was not supposed to be written out to them, and they are basically unaware of any such stock certificate (since it was sent to me).
We cannot have the stock re-issued, since it has already been sold.
The bank will still not release the money to me.
I was wondering what legal options I have regarding this money, since the bank should not have sold the stock without the appropriate paperwork/signatures? Am I entitled to the money, or will I have to give it back?
Thanks in advance
This year, I went to a large bank in North Carolina, where I live, and sold the stock. The money from the stock was placed in my new brokerage account, but for some reason, I could not access it. I later found out that the old company wrote the stock certificate out to the new company's 401K provider, for the benefit of me. The bank said that thay could not release the money in my account until they received a Stock Power and a Corporate Resolution from the new 401K company. We contacted said company, which refuses to sign the said papers because the stock was not supposed to be written out to them, and they are basically unaware of any such stock certificate (since it was sent to me).
We cannot have the stock re-issued, since it has already been sold.
The bank will still not release the money to me.
I was wondering what legal options I have regarding this money, since the bank should not have sold the stock without the appropriate paperwork/signatures? Am I entitled to the money, or will I have to give it back?
Thanks in advance