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A customer has placed an order to sell 500 shares of XYZ stock, which the customer is holding in a safe deposit box. When the certificates are received by the brokerage firm, four 100 share certificates have been signed by the customer, and one 100 share certificate is unsigned. The proper procedure is to:________

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Answer:

Retain all the certificates and send the customer a stock power with the instruction that it must be signed.

Explanation:

When customers don't sign share certificates, it is advisable to retain all the certificates and send the customer a stock power with the instruction that it must be signed.

STOCK POWER is a power of attorney that allows a person to transfer ownership of stock. ... The delivery of a stock certificate and blank stock power to a lender are typical conditions precedent in a secured lending transaction where stock owned by the borrower is part of the collateral.

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