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PWinFL
Florida
469 Posts |
 Posted - 01/31/2010 : 05:15:19 AM
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No, not any Tom, Dick or Harry is allowed to sign the transaction. The way it works, as far as I know, is the request is made to the institution. The institution has a committee or authorized persons that are allowed to make the decision to provide the necessary guarantee. Then that individual or another authorized individual, the Medallion Notary, properly identifies the individual signing the documents (notarizing their signature) and places their signature and the medallion seal on the executed document.
It works very much like loans, in that the loan officer/broker gathers the necessary documentation, submits it for approval and, if approved, sends it to the organization authorized to handle the execution of the program. The person notarizing the signature of the requester is not necessarily the same person authorized to approve the transaction.
One of the problems is the word "notary", "notarize" and "notarization". This is all to often confused with the role and responsibility of a "Notary Public", which in the case of a Medallion Notary is not the same in roles or responsibilities other than the Medallion Notary validates the signature and identity of the signer.
Never drive any faster than your guardian angel can fly.
I am not an attorney licensed to practice law in the State of Florida,
and I may not give legal advice or accept fees for legal advice.
Visit us online at http://www.PAWnotary.com |
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Lisa T.
California
391 Posts |
Posted - 01/30/2010 : 9:02:01 PM
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According the article I read, the person approved to issue the guarantee and use the medallion stamp is an underwriter - in other words, just because one is an underwriter does not automatically grant them authorization. It's that the individual who is authorized, happens to be an underwriter. And it makes sense that an underwriter would be one to be the best judge of risk. Another article said the person authorized is the financial institution employee without stating their title.
Maybe they are not all underwriters, but I doubt any Joe of an employee is authorized to use the medallion stamp and make the guarantee. The financial institution is guaranteeing against loss if the signatures are forgery - no Joe of any employee will be given that authorization - makes sense that an underwriter would. |
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PWinFL
Florida
469 Posts |
Posted - 01/30/2010 : 05:46:32 AM
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The Medallion Notary is a term that is often used within a bank or securities firm as the designation of the person (or persons) with signatory authority to administer (execute) the program.
Never drive any faster than your guardian angel can fly.
I am not an attorney licensed to practice law in the State of Florida,
and I may not give legal advice or accept fees for legal advice.
Visit us online at http://www.PAWnotary.com |
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dspencer
Arkansas
28 Posts |
Posted - 01/30/2010 : 05:09:02 AM
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Thanks for all the information. I did not know what a medallion signature was but after getting calls for this type of signature I needed to know what is was and how it worked. Always looking for ways to improve my knowledge of our industry.
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Renee
Michigan
549 Posts |
Posted - 01/30/2010 : 02:45:28 AM
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All "Medallion" signature guarantees are provided by financial institutions that are members of one of the 3 recognized Medallion guarantee programs. These Medallion programs guarantee the financial performance of their members - who, in turn, issue Medallion Signature Guarantees. The Medallion programs do not guarantee the actual Signature Guarantees issued by their members.
The Medallion programs provide either authorization or certification to those individuals selected by the financial institution as being authorized to issue the Medallion Signature Guarantee. This authorization is judiciously given, typically to officers/managers of the financial institute (i.e. not usually everyone working there).
The financial institution obtains bonding & insurance of its own accord, to cover the liability of issuing Medallion Signature Guarantees. The actual Medallion stamp is owned by the institution - not any one 'person' - and those so authorized use that stamp.
So - no, they are not notaries, but they are not underwriters either. The person is authorized/certified to issue the guarantee & use the Medallion stamp, the entity's insurance & bond covers the liability (i.e. underwrites the action).
Individuals can not become members of a Medallion program - only corporations, financial institutions, etc. |
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Lisa T.
California
391 Posts |
Posted - 01/29/2010 : 9:02:16 PM
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| Paul, medallion signature guarantors (the persons) are underwriters of the financial institution authorized to provide the signature guarantee. They are not medallion notaries. |
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Doris_CO
Colorado
148 Posts |
Posted - 01/18/2010 : 8:36:48 PM
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Paul, I'm always amazed at the amount of knowledge you have. Thanks for that explanation. I've learned something new today.
Doris |
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CopperheadVA
Virginia
420 Posts |
Posted - 01/18/2010 : 6:05:38 PM
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I agree - a regular notary should say no to these appointments.
CopperheadVA
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PWinFL
Florida
469 Posts |
Posted - 01/18/2010 : 5:23:29 PM
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Medallion notaries are special. You only find them in banks and securities offices since their job is to guarantee the financial security transaction. The signature guarantee program involves securities and securities accounts. Transfers and securities instructions requiring owners' signatures must have those signatures guaranteed by a bank or broker. The guarantee is backed up by an insurance policy. The program protects issuers and others from losses as a result of fraudulent securities transfers. This is not something a normal notary public can or should do.
Never drive any faster than your guardian angel can fly.
I am not an attorney licensed to practice law in the State of Florida,
and I may not give legal advice or accept fees for legal advice.
Visit us online at http://www.PAWnotary.com |
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dspencer
Arkansas
28 Posts |
Posted - 01/18/2010 : 2:30:26 PM
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Does anyone know the requirements for a medelion signature? I have received 2 phone calls recently asking me if i do medalion signatures
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Medalion Signature
