securities law

[Alan]

can a stock transfer declare the underlying stock as unclaimed property if the dividends come back to them unclaimed?

 

[ALawyer]

AFTER A SET PERIOD OF TIME, AS DETERMINED BY YOU STATE'S ESCHEAT LAWS, IT MUST.

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[Alan]

<BLOCKQUOTE><font size="1" face="Verdana, Arial">quote:</font><HR>Originally posted by ALawyer:
AFTER A SET PERIOD OF TIME, AS DETERMINED BY YOU STATE'S ESCHEAT LAWS, IT MUST.

<HR></BLOCKQUOTE>
So you're saying after a set period of time, the stock and transfer company must declare the underlying stock as unclaimed? How can they do that if they don't hold the stock certificates?
Also, if that's so that they are able to somehow declare the stock unclaimed, what if they send the stock to the wrong state and that state sells it, i.e., the original stock certificate had one state address on it but the stock was sent to another state, does that at all hold the stock and transfer company liable to replace the sold stock?