Important Notice: Our web hosting provider recently started charging us for additional visits, which was unexpected. In response, we're seeking donations. Depending on the situation, we may explore different monetization options for our Community and Expert Contributors. It's crucial to provide more returns for their expertise and offer more Expert Validated Answers or AI Validated Answers. Learn more about our hosting issue here.

When PDCs are sold, who returns the PDC certificate to the Bank?

April 26, 2017Bank Certificate PDC returns sold

0

Posted

When PDCs are sold, who returns the PDC certificate to the Bank?

1 Answer

0

Posted

When a sale of PDCs occurs, the rear panel of the PDC certificate must be completed and signed by both the seller and buyer. The buyer must then, within 10 business days, return the original certificate to the PDC Bank. A new certificate will be issued in the name of the buyer. If the original PDC certificate identifies more PDCs than are being purchased, two new certificates will be issued — one to the buyer for the number of PDCs purchased and one to the seller for the balance.