Legal Question in Banking Law in Texas

Preferred Stock - Inherited by Grandfather

I have a Preferred Stock Certificate and letter of issuance for my grandfather who has been deceased for quite some time. I'm the only living heir to this side of my family. It's for ten shares from a company I'm unable to locate on the internet by research, called Texas_Louisiana Oil Development Corporation. Does this type of stock expire? How would I go about seeing if this has any worth? I just found the document and am curious. Thank you.


Asked on 10/30/05, 12:51 pm

1 Answer from Attorneys
Carl Starrett Law Offices of Carl H. Starrett II

Re: Preferred Stock - Inherited by Grandfather

As a general rule, stock certificates do not expire. They are an ownership interest in a company. Companies are bought, sold, change names, merge and go out of business all the time. It's a matter of doing the detective work to find out what happened to this company to see fi the stock is worth anything.

I suggest starting with a local stock broker to see if they can find anything out about what happened to this company. If the shares are worth something, then you can contact a local probate/estate planning attorney who can help you get the stocks in your name so you can sell them.

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Answered on 10/31/05, 10:21 am


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