Affidavit of Loss
What Is Affidavit of Loss?
An affidavit of loss is a document pronouncing the loss of a security normally through theft or destruction. The affidavit contains every one of the insights about the loss, for example, the owner's name and any data relating to the security. That data might incorporate a serial number or the security's date of issue. After the statement has been made, a letter of indemnity can be issued mentioning the replacement of the security.
Grasping Affidavit of Loss
There is generally the possibility that a physical record of a security, for example, a stock certificate might be lost. On the off chance that the record is taken, lost, or obliterated, the owner is required to swear an affidavit relating to the loss of the thing. This is a promise framing that to the best of the individual's information the record is really gone. In the event that the lost copy shows up after the owner gets a replacement security, the original record must be sent to the company for disposal.
Different Uses
There are comparable statements for missing financial documents that are not securities. An affidavit of lost note is filed when a promissory note or one more record of indebtedness is obliterated or lost. This type of affidavit would incorporate the name of the debtor, the outstanding balance, the interest rate on the debt, subtleties on the repayment history and listing of any property that was put up as security.
An affidavit of loss can be filed for different types of document, like those connected with ownership of a house, an identification, a certificate, or even an ATM card. Missing marriage licenses might require such a document.
Whenever an individual loses a record that can't be quickly supplanted with a copy, they might have to file an affidavit of loss. For instance, the title, registration, or plates to a vehicle could be obliterated, taken, or damaged to the degree they can presently not be utilized. A few states require an affidavit to record their loss. The owner or title holder must give such data as the make, model and vehicle identification number for the vehicle associated with the missing documents.
The rules and requirements in regards to data required while filing an affidavit of loss fluctuate by jurisdiction. Some require an affidavit of loss to be authenticated.
Features
- An affidavit of loss is a document pronouncing that a security, like a stock certificate, is lost or obliterated.
- The security issuer requires an affidavit to reimburse the holder or supplant the certificate.
- Individuals can file affidavits of loss for different types of document, like a visa or confirmation.
