Legal Question in Wills and Trusts in Maine
stock certificates
about 10 years ago I bought a house and all it's contents (an estate sale) from a woman who was never married, never had children. We found stock certificates and have held on to them. The Company is still in business. The business was in her family for years and not very large. How should we procede to find out if we have any claim to stake?
1 Answer from Attorneys
Re: stock certificates
Nothing ventured nothing gained. By contacting the Company now as opposed to later there is no disadvantage to you.
With that said, I am skeptical you have any value there. The Administrator of the estate likely gave you a deed to the house and a Bill of Sale for the contents, consisting of "personal property". Stock Certificates may be physical, but they are not transferred like personal property. The Estate inventory and accounting filed in the Probate Court may identify the stocks, and the Company books may show who the shares are registered to now.
Stocks in closely held companies often also have first refusal rights in the Company or other shareholders, invalidating any transfer made without a signoff first.
If the Company is a "C" corp for tax purposes then it would have filed its own tax return all these years, but if it is an "S" corp the shareholders have to file schedules, which obviously you have not had to do.
In short, its a longshot but no harm in asking the Company Clerk or registered agent to look into it and you can re-evaluate your rights as you go.