Medallion Signature Guarantee Stamp

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Aug 14, 2006 10:12 pm

[quote=babbling looney]

It's that "Personally appeared before me..." wording that is the problem-

No such wording exists in conjunction with a medallion guarantee stamp!  Period.  You are confused.

[/quote]

My next door neighbor is a notary.  She has a rubber stampt that says:

Marsha Reynods
Notary Public
My Commission Expires November 30, 2006

That is all she stamps on a document along with her notary seal.

She doesn't look at an ID or anything else--if she sees the document being signed she'll stick her notary seal on it.

I suggest that the casual nature that you're talking about Signature Guarantees is nothing more than a business practice that is actually illegal, but that is followed anyway because to strictly stick to it would be unnecessarily burdensome.

There are rules that say that an order may not be placed unless an account has been accepted by a principal.  I know that orders can be processed before the account is accepted because I have done it--both as a broker and as a branch manager.

In other words rules are often bent.

Aug 14, 2006 10:13 pm

where is the attorney who posted on the topic of name changes?  A hundred reps could rant ad naseum that they have used it-and legally, by the way ,and newbie still argues it illegal.  Jeez, does it take a lawyer to settle this in your head?  Or will you comment that he got his degree online so he's not really an attorney and you still know better.

You said you were a devils advocate, but you are not.  A devils advocate tries to challenge people paradigms.  You just try to piss people off. 

Its too bad, because you usually begin with a legitimate question, but you insist on antagonizing people in spite of all the evidence that undermines your argument.  A smart man knows when to give up.  You simply continue to bang your head into the wall in the hopes that the wall will give way.

Aug 14, 2006 10:16 pm

Newbie, are you sure you really worked in the brokerage industry? 

It doesn't seem like you know anything but the very basics, if that.

Aug 14, 2006 10:19 pm

She doesn’t look at an ID or anything else–if she sees the document being signed she’ll stick her notary seal on it.

Then your neighbor is an idiot.

If you don't personally know the signer, you must ID them. I get ID even though I have know people for years.  They don't mind.  In addition in my State if the transaction is related to property (deed of trust, grant deeds etc) then I also have to fingerprint the signer(s).  The notary is also supposed to determine if the signer has the capacity to sign.  For example someone with dementia being coerced to sign away accounts or property.   I have refused to notarize several times, just because I felt the person didn't know what they were signing.

Aug 14, 2006 10:21 pm

If a couple walks into a minister and says that they performed their own wedding ceremony in front of a mirror do you suppose the minister will legalize the marriage by signing the wedding license?

It does not make sense that a person who is swearing that a signature is bona fide is following the intent of the law by accepting a third party's word for it.

Aug 14, 2006 10:21 pm

[quote=babbling looney]

She doesn't look at an ID or anything else--if she sees the document being signed she'll stick her notary seal on it.

Then your neighbor is an idiot.

If you don't personally know the signer, you must ID them. I get ID even though I have know people for years.  They don't mind.  In addition in my State if the transaction is related to property (deed of trust, grant deeds etc) then I also have to fingerprint the signer(s).  The notary is also supposed to determine if the signer has the capacity to sign.  For example someone with dementia being coerced to sign away accounts or property.   I have refused to notarize several times, just because I felt the person didn't know what they were signing.

[/quote]

I also forgot to say that I have to fill out a jurat or acknowlegement form to attach to the document if the document doesn't already contain that wording.   Documents from other States that don't contain the legal wording in my State, then I have to attach the legal form for my State.

I think you are just making stuff up.  You can't possibly be this out of touch with the business, if you ever were in it at all.

Aug 14, 2006 10:25 pm

Why do you suppose this industry requires signature gurantees, instead of notary seals, if it is so casual that those with the medallions will affix their gurantee based on hearsay?

Why not just let the customer stop off at their dry cleaner and get the documents notarized.

Aug 14, 2006 10:28 pm

       

Aug 14, 2006 10:30 pm

[quote=NASD Newbie]

Why do you suppose this industry requires signature gurantees, instead of notary seals, if it is so casual that those with the medallions will affix their gurantee based on hearsay?

Why not just let the customer stop off at their dry cleaner and get the documents notarized.

[/quote]

Good idea!

Every time you post it becomes a little clearer why you're not a broker or even a middle manager any longer.

Aug 14, 2006 10:41 pm

NASD Newbie has been playing a game of semantics as much as anything.

I know that signatures are guaranteed all the time when the person isn't even there--hell that's what stock powers are for.

I also know that the legal system would have a field day with a forgery that had been guaranteed and I know that the individual who was empowered to affix the guarantee would not be absolved from their liability in the event that a dishonest broker forged a signature and sent it in with an affadavit.

It is so easy to get this group going.

Aug 14, 2006 10:43 pm

What…did you figure out how to Google and found out you were wrong?

Aug 14, 2006 10:54 pm

You have such grand illusions of who you are in your head.  If you could only read your posts through the eyes of the other forum members, you would realize that your arguments are filled with so much hypocrisy and inconsistency its actually a joke. 

You are not clever. You are not nearly as intelligent as you believe.  You consistently drag a serious thread through the mud with your antagonistic attitude.  But from your post on dress code, I am sure you are wearing a dark suit while you bring that thread into a muddied mess.  Your dry cleaning bill must be outrageous!

Aug 14, 2006 11:05 pm

[quote=hubbabubba]

But from your post on dress code, I am sure you are wearing a dark suit while you bring that thread into a muddied mess.  Your dry cleaning bill must be outrageous!

[/quote]

Nah, I'm wearing a golf shirt from Augusta and a pair of shorts from Bass Pro Shops--Nylon, very comfortable.

My shoes are from Bass--I bought six pairs of the same thing at an outlet along the highway.  Not smart for a New York apartment, but nobody sees them behind the couch.

I keep a 1993 Toyota with about 7,000 miles on a lot on 12th Avenue to run out and buy groceries in Jersey so I don't have to waste my money in Manhattan.

I'm the millionaire next door, you should hope you end up like me.

Aug 14, 2006 11:09 pm

very unprofessional attire. 

I would never hope to be like you.  When I retire/semi-retire as a millionaire, I certainly would not spend my time online.  I have much higher expectations of myself.  The people who brag the most are usually the people who have the least to brag about. 

Time to wake up from your dream.

Aug 14, 2006 11:14 pm

[quote=hubbabubba]

very unprofessional attire. 

I would never hope to be like you.  When I retire/semi-retire as a millionaire, I certainly would not spend my time online.  I have much higher expectations of myself.  The people who brag the most are usually the people who have the least to brag about. 

Time to wake up from your dream.

[/quote]

I spend a lot of time on line because I trade options and like to be nearby during market hours.

Then I spend time with my laptop watching the news.  Normally by 7:30 we're having dinner then it's out and about in the city so nice they named it twice.

There is not an intelligent person alive who doesn't wish they could live in New York for at least a year--take in a lot of shows, go to the museums, walk across the Brooklyn Bridge, share a bottle of wine on a blanket in Central Park, grab a dirty water dog on the way to a ball game, the list is endless.

Aug 14, 2006 11:19 pm

It's obvious that you've never seen them wash those dirt water dog carts out before the start of the day.

There's not an intelligent person alive who doesn't want out of New York at the end of that year.

Aug 14, 2006 11:37 pm

[quote=Starka]

It's obvious that you've never seen them wash those dirt water dog carts out before the start of the day.

There's not an intelligent person alive who doesn't want out of New York at the end of that year.

[/quote]

It's obvious that YOU, don't know what you are talking about. Time to take your medication and watch Jeopardy old man.

Aug 14, 2006 11:40 pm

[quote=Devoted SA][quote=Starka]

It's obvious that you've never seen them wash those dirt water dog carts out before the start of the day.

There's not an intelligent person alive who doesn't want out of New York at the end of that year.

[/quote]

It's obvious that YOU, don't know what you are talking about. Time to take your medication and watch Jeopardy old man.

[/quote]

On the contrary.  I know far too well of that subject.

Aug 15, 2006 12:56 am

I wouldn't say I wish to live in NY for a year.  If I did, I would most certainly take advantage of the many things to do there, especially the restaurants.  I'd much rather spend my time in Paris though.

See, you can have a civilized discussion if you don't resort to name calling and act as a human spell check.

Aug 15, 2006 1:17 am

by the way newbie, if you trade options, you may want to pick up a book for some light reading called "Fischer Black and the Revolutionary Idea of Finance" by Perry Mehrling.  Its a biography of, you guessed it, Fischer Black of the Black-Scholes option pricing model.

If you go to Wikipedia.com you can find the formula.  Just plug in the numbers and off you go.