Corporate Securities Spin-Off

Legacy KB ID: 3005

Question

Why do I receive the message 'Security name already in use' when creating a Corporate Securities Spin-Off?

Answer

The following will occur when creating a Corporate Securities Spin-Off in the 'Spin Off New Securities' window if a new name is entered into the 'Security' field. When you try to create the spin-off a message will appear; 'No shares available for the acquired security'. Both the security name entered in the 'Security' field and the 'New Company' field will be added to the Security List.

You should only select a Security from the drop down menu. If you add a new share in the 'Security' field, you will need to add this share to an investment account. Therefore, there is a quantity and amount to spin-off as a new security.

If the you try this again you will be given the message 'Security name already in use'. This is referring to the name in the 'New Company' field.

To resolve this problem you need to delete the new company name form the security list.
1) Choose Investing menu > Security List.
2) Select the new security name.
3) Right click on the security name and click 'Delete'.

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