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Do I need to transfer a stock certificate into my name if I am listed as a minor from a trust after I turn 21?


I don't really know anything about investment or accounting, so I was just wondering if anyone could help me. My parents set up a trust account for me when I was 10 or so, and in the account is shares of various companies. Now that I am over 21 (actually 25), I want to sell off some of these shares. They are all listed on the certificates as "Parent Name C/F My Name UTMA/NY". My question is, to sell these, do I need to get the names changed on the certificate to list me as the owner, or do I automatically assume control at 21?

Also, I have the certificates here in my possession, but the investment management company website does not allow me to sell these shares from their website. How do I go about selling these? I'm a complete amateur obviously, if anyone can help me, I'm very grateful.

Heyteach, you were correct, it's just taking me a while, but the terminology is a little confusing. I called up the investment management company with this in mind, and they told me I need to complete the stock transfer from trust form to individual ownership (my name), submit the certificates, then write a letter requesting they convert the physical certificates to "book entry form" (I think this is the same as DRP, as you indicated).

At this point, I can elect to sell through the investment company, and I don't need to go through a brokerage I think. (I don't really invest, so I don't have a broker).

Being completely new at this, is it standard for the management company (Mellon Investors) to charge me a fee? What shareprice do they give me, close of the previous business day?

There are three ways to hold stocks: street name (what most folks do because it's simplest), direct registration, or physical certificates. You've got the last and it makes it harder to sell the shares, but not impossible:
"Physical Certificate 鈥?The security is registered in your name on the issuer's books, and you receive an actual, hard copy stock or bond certificate representing your ownership of the security.
...
When you want to sell your stock, you will have to send the certificate to your broker or the company's transfer agent to execute the sale. This may make it harder for you to sell quickly.

If you lose your certificate, you may be charged a fee for a replacement certificate.

If you move, you will have to contact the company with your change of address so that you do not miss any important mailings.
...
To sell a security for which you hold a physical certificate, you can:

deliver the certificate to your broker-dealer with your instructions to sell or

deliver the certificate to the issuer with your instructions (a) to change the registration to DRS and move the position to your broker-dealer to sell if your security is eligible for direct registration or (b) for the issuer to sell if the issuer has a program in place to accommodate sale requests.
When selling a security through the issuer, the issuer will sell your security under the terms and conditions in place for that issue. For example, some sell orders will be executed on the day the issuer receives them, and some orders are aggregated for frequent, but not daily, execution. (Note: you should ask the issuer if it offers a selling service and what the terms and conditions are.) Proceeds from the sale will be mailed to you three business days after the date of sale.

When selling through your broker-dealer, your instructions will be acted on immediately and in accordance with the guidelines it provides to you. Proceeds from the sale will be made available to you or credited to your account three business days after the date of sale."
http://www.sec.gov/investor/pubs/holdsec...

Contact the broker of your choice and explain your situation and take it from there. I don't understand why the ACCOUNT was a trust one and the shares in street name, but then I'm not a broker, so maybe there is some legal reason I'm unfamiliar with. Because of your age, they are your stocks. The broker who sells these for you may need a copy of your birth certificate or the trust document or such, but once you get this under control you should be good.

BTW, if you ever lose a physical certificate, the above cited site tells you what to do.

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