Unclaimed Property

[danoboa]

I have some stock earned years ago through an employer's incentive program that I was unaware of until recently. I have the original stock cerificates but the company has since been bought up by another company.

This other company turned the stock over to NJ unclaimed property. NJ unclaimed property is telling me that they have already sold the stock away.

Can they legally do this? Who can I contact in that bueracracy that can give me some definitive answers?

 

[JETX]

You need to contact the New Jersey Division of Taxation, they are responsible for unclaimed property in NJ. BTW, their website is http://www.state.nj.us/treasury/taxation/index.html

Check with them on what the NJ rules are for unclaimed property.

Generally, the Comptrollers office will keep the unclaimed property (or the value of same) for a specific period of time. As for stocks, they may have been sold at a particular point per statute, but the proceeds of that sale might be still available (you will probably not be able to claim the stock at todays price).

Another option, contact the stock registrar. Each stock has an issuing agency (usually a Trust or bank). You might consider contacting them about your 'lost' stock. You can probably either search for the information on the internet or contact a local major stock broker.

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Steve Halket
Judgment Recovery of Houston
[email protected]
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This is my PERSONAL OPINION and is not legal advice! Consult your local attorney for your specific situation and laws!

 

[peter]

It depends on HOW they were bought.......

If they were bought for cash say $20 a share, well thats ALL you would get even 50 years from now,

If for stock then you would be entitled to stock at the transfer date, which could lead you to a big gain or a big loss depending on todays prices.

If it was stock/ warrants, and the time limit of the warrants have expired well you lost what ever gain you could have made, from the warrants.