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Pastimes : Ask Mohan about the Market
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To: Zeev Hed who wrote (13509)1/29/1998 12:42:00 PM
From: Retro  Read Replies (1) of 18056
 
Dear Zeev,

Wendy referred me to you in hopes that you can give me a clear answer
to a probably simple question.

A relative of mine has accumulated numerous stock certificates on which dividends are currently being paid. I suggested that they be
held by a large brokerage firm for safekeeping in addition to the cash accounts. I was given a stack of one (1) sheet instruments titled "Irrevocable Stock or Bond Power" which states "For value received, the undersigned does (do) hereby sell, assign and transfer to ....shares of the ..... stock of ...etc". This reads like a Bill of Sale to me, yet I was assured that they would act ONLY as a custodian for distribution of dividends and safekeeping the securities and that she and ultimately, her heirs would remain the unconditional owner. Is this the normal type of instrument to accomplish this? The answers I heard and reading the instrument don't seem to fit.

Thanks,
Retro
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