Paperless Legals Policy

In an effort to simplify your business with Federated, a number of transaction processing requirements were revised in April 2009, with the adoption of a new Paperless Legals Policy.

This policy allows Federated to accept requests to transfer or redeem accounts bearing an original Medallion guarantee without the need to include additional legal documentation.  The shareowner should contact his or her signature guarantor regarding all documentation that may be required to obtain a Medallion guarantee.

The most common examples of legal documents no longer required as a result of this policy are:

  • Affidavits of residence
  • Birth certificates
  • Death certificates
  • Letters testamentary
  • Court appointments of Executors or Administrators
  • One and the same documents
  • Trust agreements or Trust excerpts

Medallion guarantees received on a Letter of Instruction to redeem or transfer any account type will be accepted without additional legal documentation*, contingent upon proper execution of the following:

  1. An original Medallion Guarantee Stamp must be included on the Letter of Instruction, with the proper surety level for the value of the transaction.

  2. The Letter of Instruction must include the following information:

    1. Fund name and number
    2. Account registration and number
    3. Dollar or share value of the transaction being requested
    4. Capacity of the signer, if other than registered owner, i.e., Executor, Trustee, etc.

    If multiple accounts are referenced in the Letter of Instruction, clear instructions must be provided with respect to each account, and the appropriate account's owners must sign.

  3. An inheritance tax waiver must be included if required in your state.  Please verify specific requirements with your State Department of Revenue.
  4. All requests for transactions requiring a Medallion guarantee must be original.  A faxed copy of a Medallion guarantee will not be accepted.

Please be aware that documentation to fulfill Customer Identification Program requirements still must be supplied at the time of new account establishment; an original Medallion guarantee will not be accepted in lieu of this required documentation.