Affidavit of loss,
Definition of Affidavit of loss:
A written statement that declares the physical loss of a security, typically through destruction or theft. The affidavit contains all of the details regarding the particular loss, including the owners name and any information that pertains to the security such as its serial number or date of issue. Once this statement has been made, one may issue a letter of indemnity that requests the replacement of that security.
There is always the possibility that a physical record of a security such as a stock certificate may be lost. If the record is stolen, misplaced or destroyed, the owner is required to swear an affidavit pertaining to the loss of the item. This is an oath outlining that to the best of the person's knowledge the record is truly gone. If the lost copy appears after the owner receives a replacement security, the original record must be forwarded to the company for disposal.
An affidavit of loss is a document declaring the loss of a security usually through theft or destruction. The affidavit contains all the details regarding the loss, such as the owner's name and any information pertaining to the security. That information may include a serial number or the security’s date of issue. After the statement has been made, a letter of indemnity can be issued requesting the replacement of the security.
How to use Affidavit of loss in a sentence?
- The security issuer requires an affidavit in order to indemnify the holder or replace the certificate.
- An affidavit of loss is a document declaring that a security, such as a stock certificate, is lost or destroyed.
- Individuals can file affidavits of loss for other types of document, such as a passport or diploma.
Meaning of Affidavit of loss & Affidavit of loss Definition