West Virginia Code 31-4D-5 – Adverse claims
(a) A person asserting a claim of beneficial interest adverse to the transfer of a security pursuant to an assignment by a fiduciary may give the corporation or transfer agent written notice of the claim. The corporation or transfer agent is not put on notice unless the written notice identifies the claimant, the registered owner and the issue of which the security is a part, provides an address for communications directed to the claimant and is received before the transfer. Nothing in this article relieves the corporation or transfer agent of any liability for making or refusing to make the transfer after it is so put on notice, unless it proceeds in the manner authorized in subsection (b).
Terms Used In West Virginia Code 31-4D-5
- Assignment: includes any written stock power, bond power, bill of sale, deed, declaration of trust or other instrument of transfer. See West Virginia Code 31-4D-1
- Claim of beneficial interest: includes a claim of any interest by a decedent'. See West Virginia Code 31-4D-1
- Corporation: means a private or public corporation, association or trust issuing a security. See West Virginia Code 31-4D-1
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Fiduciary: means an executor, administrator, trustee, guardian, committee, conservator, curator, tutor, custodian or nominee. See West Virginia Code 31-4D-1
- Fiduciary: A trustee, executor, or administrator.
- Person: includes an individual, a corporation, government or governmental subdivision or agency, business trust, estate, trust, partnership or association, two or more persons having a joint or common interest, or any other legal or commercial entity. See West Virginia Code 31-4D-1
- Security: includes any share of stock, bond, debenture, note or other security issued by a corporation which is registered as to ownership on the books of the corporation. See West Virginia Code 31-4D-1
- Transfer: means a change on the books of a corporation in the registered ownership of a security. See West Virginia Code 31-4D-1
- Transfer agent: means a person employed or authorized by a corporation to transfer securities issued by the corporation. See West Virginia Code 31-4D-1
(b) As soon as practicable after the presentation of a security for transfer pursuant to an assignment by a fiduciary, a corporation or transfer agent which has received notice of a claim of beneficial interest adverse to the transfer may send notice of the presentation by registered or certified mail to the claimant at the address given by him If the corporation or transfer agent so mails such a notice it shall withhold the transfer for thirty days after the mailing and shall then make the transfer unless restrained by a court order.