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Thomas McJD
Thomas McJD, Attorney
Category: Business Law
Satisfied Customers: 6516
Experience:  Experienced in Corps, LLCs, Partnership, etc.
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Im looking for a case law for ohio divorce court,what happens

Customer Question

I'm looking for a case law for ohio divorce court,what happens when corporation stock certificates are missing or cannot be found?
Submitted: 5 years ago.
Category: Business Law
Expert:  Thomas McJD replied 5 years ago.

Hello, I will be happy to assist you. After receiving your answer, and unless you have need for clarification, your accept (by clicking the green "accept" button) would be appreciated. Although you have made a deposit, I cannot receive credit for my work without your accept.

 

There likely is no case law on this point because missing certificates don't raise legal issues for resolution by a court.

 

Rather, it's simply a case where you would need to contact the corporation to certificates in place of the lost certificates.

 

 

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Customer: replied 5 years ago.
The corporation disolved in 2008
Expert:  Thomas McJD replied 5 years ago.

In that case, the stock certificates (even if you found them) are unfortunately worthless.

 

A proper dissolution involves paying all debts first. If there is any money left over (which is not generally the case), distributions are made to the shareholders according to ownership percentages.

 

Thus, if the dissolution is now complete, and there had been any value left in the corporation after payment of debts, liabilities, etc., you would have received a distribution of cash upon liquidation of any remaining assets.