Legal Question in Securities Law in California

Joint tenant survivor

I live in California. My mom and dad lived in NY. My mom died in 1991. My dad died in 2008. Stock dividend checks have been issued to the three of us as joint tenants. They are issued to ''A & B&C Jt Ten.'' My bank won't cash the checks even though I presented death certificates of my parents. They say I need to have the check reissued in my name only. The stock company says that the SEC will not allow them to reissue the checks in my name unless forced by a court order. The checks are less than $1,500. 1. What can I do to get my money? Some checks were sent to State of California Unclaimed Property. 2. To get that money do I need to submit special documents for joint tenancy when I submit the claim form to the State of California?


Asked on 6/08/09, 4:55 pm

1 Answer from Attorneys
Bryan Whipple Bryan R. R. Whipple, Attorney at Law

Re: Joint tenant survivor

First question I'd have is whether there was any probate proceeding in New York, and the results. Second question is whether you don't also have the same problem with the shares themselves and/or the brokerage account? The dividend checks would be just the tip of the iceberg; stocks producing $1,500 in dividends since 2008 are probably worth in the $100K area, maybe more, with yields under 2% being common these days.

As to the banking problem, one simple solution might be to shop for banks that would like to have your business and wouldn't be so fussy about how the payees are named on the checks. I once had a Swedish friend whose (first) name was Pelle, which is like Peter in Swedish, and he couldn't cash checks at his bank made out to "Pete X" because his passport and other ID showed his legal name was "Pelle X." I suggested he find another bank that wanted his business, and he had no problems thereafter.

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Answered on 6/08/09, 7:13 pm


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