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 Need Advice: Do you know anything about the Medallion Guarantee Programme?

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PostSubject: Need Advice: Do you know anything about the Medallion Guarantee Programme?   Fri Feb 27, 2009 1:41 am

Some years ago my partner's aunt died. She was a US citizen, and in her will she left him some shares in US company.

To get the shares transfered, he needed to get his signature "notarised" by something called a "medallion guarantee", which is basically an form of indemnity recoginsed by US finanacial insitutions (ie to prove he his who he says he is, as the inheritor of the shares)

BUT - it seems like it's impossible to do in Ireland. The solicitor as executor of his aunts will had no luck, and None of the banks here could help (or indeed seemed to have a clue about it).

I just wondered if anyone here had any knowledge (are you reading this youngdan?Wink ) on how to go about getting a Medallion Guarantee when you're resident in Ireland?

thanks in advance
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PostSubject: Re: Need Advice: Do you know anything about the Medallion Guarantee Programme?   Fri Feb 27, 2009 1:50 am

I don't know anything about the "medallion guarantee" but getting a document notarised is merely having it sworn in the presence of a Notary Public. Many, but not all Solicitors in Ireland have the status of Notary Public. It is irrelevant in Irish law because you can now sign any Irish legal document in the presence of a Solicitor (handy earner for the young ones) rather than a Notary Public but the term still exists and some country's require that you sign in front of them.

Funnily enough the American Embassy website has a list of all the Notary Publics in Ireland.
http://dublin.usembassy.gov/service/notarial-services/irish-notaries-public.html

Did you talk to AIB Bank? I don't know if they still have that subsidiary in America but that might be helpful.
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PostSubject: Re: Need Advice: Do you know anything about the Medallion Guarantee Programme?   Fri Feb 27, 2009 1:58 am

thanks johnfas - only the medallion guarantee will do, unfortunately. Seems to be a common enough thing in the states, (most banks are members of the scheme) but getting it done over here is a right pain...
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PostSubject: Re: Need Advice: Do you know anything about the Medallion Guarantee Programme?   Fri Feb 27, 2009 2:00 am

Have you tried speaking to one of the stockbroking firms (Davy or Goodbodys)? It is possible that they would have a bit of experience in things like this and might know how to get around the situation.
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PostSubject: Re: Need Advice: Do you know anything about the Medallion Guarantee Programme?   Fri Feb 27, 2009 2:33 am

I believe the executor did, without sucess. Even finding out which companies are members of the scheme (even in the US) is difficult.
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PostSubject: Re: Need Advice: Do you know anything about the Medallion Guarantee Programme?   Fri Feb 27, 2009 2:40 am

Sounds very annoying... you wouldn't think it would be that complicated.

I know how you feel though, my Grandfather died last year and had a life insurance policy in favour of my Aunt (his daughter) but it was based in France. Has been an absolute nightmare for her trying to get the cash - still hasn't managed it and with the fluctuation in exchange rates (she is based in the UK) she has lost several thousand owing to the delay.
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