Expert: Steven Taylor - 4/29/2009

Question
I found a certificate for 10 shares of stock among my deceased parents' papers.  The certificate is dated Jan 22, 1959, and seems to have been purchased through Prudential Trust Company Limited in Calgary, Alberta.  Is there any chance this certificate is worth anything?  I can't believe my parents held on to it for so many years.  I'm trying to clean out old papers, and I don't want to throw out anything that might have some value.  The certificate states the shares are, "fully paid and non-assessable shares without nominal or par value of the Capitol Stock of Consolidated
East Crest Oil Company Limited."  Any information/advise would be greatly appreciated.

Answer
Lisa, it is possible there might be some value attached to the certificate floating around somewhere. From the information I have available, Consolidated East was acquired by Pan Ocean Oil Corp on the basis of 15.06 new shares for every 100 old shares. Since your parents had 10 shares, that would be 1 share of Pan Ocean. Pan Ocean was acquired in the 1970's by Marathon Oil for $18 per share.

It is entirely possible your parents received the $18 cash at the time of acquisition. Or, if not, the money was likely turned over to the State or Province in which they were last known to reside. The government would have the funds in safekeeping until they (or the heirs) claimed it or the statutory period expired (that varies by state - some keep the money for 7 years, some forever, with most in between).

I think your best approach is to check the government lost property websites and see if any are holding money in your parents name. You can check most states (and some Provinces) for free at http://www.unclaimed.org/ For your search, use the name(s) EXACTLY as they appear on the stock certificate, even if it is misspelled or is only a partial name.