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Need clarification

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1 Need clarification on Wed Oct 20, 2010 8:53 pm

maverick33


Arresto Menor
Hi,

I need help in clarifying certain rulings with the Philippine Stock Exchange or with the SEC. My mom and dad had a small stock investment with one of their brokers that's over 15 years old. We tried to get the stock certificates from that broker and they refused to provide it to us stating that we need to execute a settlement of estate. The account name is under my father and/or my mom. As per my understanding with the Law, we are not required to execute a settlement of estate since one party is still alive and it was my mother that made the request for those certificates to be issued. My question is, do that broker have any legal right to refuse to issue those certificates to us? I have checked with the stock transfer agents and those shares are placed under the name of that firm. We asked which law and which SEC or PSE regulation stated that we need to execute that estate settlement and they couldn't give me with a specific answer. I assume because there are no specific laws and or regulations supporting their claims.

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