Son Struggles to Unlock $100,000 Consolidated Edison Stock Certificate

A man holding durable power of attorney for his 91-year-old mother is unable to access a $100,000 Consolidated Edison stock certificate. The transfer agent, Acme Corporation, requires the paper certificate to be converted to electronic form through a transfer request. This process requires a medallion signature guarantee (MSG) before beneficiaries can be added to the account to avoid probate.

Multiple banks and brokerages have refused to provide the MSG because the mother is bedridden with dementia and is not a current customer of those institutions. This has created a deadlock where the transfer agent demands a guarantee that financial institutions are unwilling to issue given the owner's health and lack of account history.

Financial advisor Quentin Fottrell suggested the son contact the escalations department at Acme Corporation to request alternative authentication methods, such as a court order or a notarized affidavit. Fottrell also noted that small-estate probate might serve as a faster and less expensive alternative to full probate proceedings.