Frequently Asked Questions
1. Do I need to exchange my shares?
Yes, as is explained in the Letter of Transmittal that you received from UPRR, due to the specified corporation action you must exchange your shares. Failure to do so, whether directly or through this program, will eventually result in the property due being remitted to the appropriate state as required under the applicable unclaimed property laws. You may exchange your shares through this voluntary program by completing the Letter of Transmittal and returning it along with your stock certificates. Alternatively you may submit your shares directly to the exchange agent in lieu of participating in this program. If you work with the exchange agent, the fees charged may be different than those charged by UPRR.
2. Can I transfer my property to another name?
You may transfer your property to a different name by completing the information in the box on the front page of the Letter of Transmittal that was sent to you and by securing a Medallion Signature Guarantee from an institution such as a commercial bank, trust company, credit union, or brokerage firm participating in a medallion program. A notary public stamp is not acceptable. Should the registered holder be deceased, a copy of the death certificate and court documents appointing the executor must be provided. Click here to refer to Instructions for the Transfer of Ownership.
3. What is a Medallion Signature Guarantee?
A Medallion Guarantee Stamp is a special signature guarantee for the transfer of securities. It is a guarantee by a financial institution that the signature is genuine, has legally binding authority and the guarantor assumes financial responsibility associated with the endorsement. This guarantee is normally obtained from an institution such as a commercial bank, trust company, credit union or brokerage firm participating in a medallion program. A notary public stamp is not an acceptable substitute.
4. What if I have lost my stock certificates?
You may still participate in the program even if you have lost some or all of your stock certificates by completing and returning the Letter of Transmittal you received from UPRR. A surety bond will be purchased, on your behalf, based on the value of the lost securities. The surety bond premium will be deducted from the proceeds distributed to you. The price of the bond is set by the issuing insurance company. UPRR does not issue the bond or receive any fees related to the bonds or for facilitating their issuance.
5. What is a DRS statement?
Direct Registration System (DRS) is an electronic method for registering shares with a corporation’s transfer agent. These shares are book-entry and can be transferred within DRS. A DRS statement can be issued in lieu of a paper stock certificate, and demonstrates ownership interest just as if you are in possession of a stock certificate.
6. How long will the process take?
Share exchanges with transfer requests received in good order typically take approximately 45 days to process. All requests submitted that are not in good order or which lack the information needed to process the claim will be returned to the sender with a notice advising why the transfer cannot be completed. You can resubmit your claim once you have made the correction(s) indicated.
7. How should I submit these shares?
When submitting shares/certificates, we recommend a delivery method that can be tracked (such as overnight mail, certified mail, etc.) and although not required, we suggest that you maintain for your records copies of all documentation submitted.
8. How will the shares be sold?
If you check the box on the Letter of Transmittal electing to sell all shares, your shares will be sold at the market price on the trade date. If more than one trade is made on a particular trade date, you will receive the weighted average price of shares of that issue sold on that trade date. The cash received by you will be net of the processing fees. We cannot guarantee the trade date or the price at which your shares will be sold. If you check the box and elect to receive shares, we will sell only enough shares to cover the processing fees, and you will receive a book entry statement representing the net shares.
9. Why do I need to provide personal information?
Federal law requires all financial institutions to obtain, verify, and record information to confirm the identity of its customers. What this means for you: When you present your shares, we will ask for your name, address, date of birth and other information that will allow us to identify you. We may also ask to see your driver’s license or other identifying documents.
10. Do I need to use this program to exchange shares for my account?
No, participation in this program is voluntary.
11. Are there fees associated with this transaction?
Depending on the actual transaction, there may be fees associated. For amounts incurred for the collection of assets of an estate, the fees paid to UPRR should be tax deductible. Please consult with your own tax advisor regarding this important deduction.
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