New Jersey Indemnity Bond to Replace Lost, Destroyed, or Stolen Stock Certificate
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How to fill out Indemnity Bond To Replace Lost, Destroyed, Or Stolen Stock Certificate?
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FAQ
The owner must buy an indemnity bond to protect the corporation and the transfer agent against the possibility that the lost certificate may be presented later by an innocent purchaser. The bond usually costs between two or three percent of the current market value of the missing certificates; and.
Maintained ? USA (National/Federal) An affidavit used when a stock certificate has been lost, stolen, or destroyed. This Standard Document has integrated notes with important explanations and drafting tips.
If you misplace your stock certificate or believe it was stolen or destroyed, you should immediately contact your transfer agent, or business that handles the records for the company of the stock you hold, and request that a "stop-transfer" order be put against it, similar to what you would do with a lost check.
The obligee is the financial institution that issued the instrument. They are trying to protect themselves from liability, which is why they require the principal to obtain a bond before issuing duplicate instruments.
The lost instrument bond guarantees the owner of the lost document will indemnify the bank or other entity for any loss it suffers because of the duplicate securities or other issued instruments.
An indemnity bond is a type of insurance policy. It ensures that you?not the bank?will be liable for any losses if the lost check is found and presented for payment. Otherwise, the bank could be liable for both checks.
Lost Instrument Bond ? A surety bond required when a financial instrument such as a stock certificate, cashier's check or mortgage note has become lost, stolen, destroyed or may not otherwise be reconveyed. The bond allows for the instrument to be re-issued or reconveyed.
Almost all lost instrument bonds cover one year, but the financial organization requiring the bond purchase may ask that you purchase a bond for a longer timeframe. That's why it's important to notify the financial organization if the original document is found.