Lost Stock Certificates, Corporate Ownership
Stock certifciates are the legal documents which demonstrate that you own some or all of a corporation. While there is no technical requirement for how they are to appear, they often look similar to an automobile certificate of title. What happens when you lose them? How can you demonstrate and prove that you have an ownership in a company? There is a frequently overlooked statute in Section 400.8-405, RSMo, which enables an owner of a stock certificate to obtain a replacement:
(a) If an owner of a certificated security . . . claims that the certificate has been lost, destroyed or wrongfully taken, the issuer shall issue a new certificate if the owner:
(1) So requests before the issuer has notice that the certificate has been acquired by a protected purchaser;
(2) Files with the issuer a sufficient indemnity bond; and
(3) Satisfies other reasonable requirements imposed by the issuer.
Although it woud be preferable to avoid having to file a lawsuit and incur the related costs, there are circumstances when it may be necessary/advisable to do so. Contact with questions relating to stock certificates or corporate law and litigation.