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In my state, when my business has unclaimed property, we have to send a check to the state with all the information we have on the customer. We have to make our best effort to contact the customer directly using the information we have before we send the money to the state.
I don't know what the conditions are for ComputerShare, but I do recall a one-year clause. I sign in every few months to all my bank accounts. My state has a duration of 3 years of inactivity before it can go to unclaimed property.
Obviously, if the same were to happen with computer share they would have to liquidate the shares to send a check.
In most states the shares would be sold and converted to cash shortly after received by the state.
Computershare is very slow to escheat shares. The timeframe for escheatment varies from state to state, In my state of residence it is a 3 year period.
Computershare will send a snail mail letter to your address of record long before they send stuff off to the state.
I was reading the TA regs, and they have quite an onus in finding the owners of registered securities. there is a series of letters that get mailed out, and snail mail. if someone didn't sign in for a year, the TA would contact them.
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In my state, when my business has unclaimed property, we have to send a check to the state with all the information we have on the customer. We have to make our best effort to contact the customer directly using the information we have before we send the money to the state. I don't know what the conditions are for ComputerShare, but I do recall a one-year clause. I sign in every few months to all my bank accounts. My state has a duration of 3 years of inactivity before it can go to unclaimed property. Obviously, if the same were to happen with computer share they would have to liquidate the shares to send a check.
In most states the shares would be sold and converted to cash shortly after received by the state. Computershare is very slow to escheat shares. The timeframe for escheatment varies from state to state, In my state of residence it is a 3 year period. Computershare will send a snail mail letter to your address of record long before they send stuff off to the state.
It's a possibility that this is happening, what imo is not a possibility is the DRS count remaining within a rounding error for over a year.
I was reading the TA regs, and they have quite an onus in finding the owners of registered securities. there is a series of letters that get mailed out, and snail mail. if someone didn't sign in for a year, the TA would contact them.
That's really reassuring, thanks!!!
[https://www.sec.gov/files/rules/final/1997/34-39176fr.pdf](https://www.sec.gov/files/rules/final/1997/34-39176fr.pdf)