Our Public Debt: An Historical Sketch with a Description of United States Securities

By Harvey E. Fisk | Go to book overview

CHAPTER VII
Coupon Bonds

FOR the convenience of investors the Government issues two forms of bonds. One form is known as the coupon bond--this is payable to bearer, exactly the same as a bank note.

The interest on a coupon bond is collected by clipping from the bond a coupon calling for the amount of interest due on any given interest date. These interest coupons are payable to bearer and may usually be cashed at any banking institution. The coupons from Liberty Bonds may also be cashed at money-order post-offices and at a number of other places.

On account of the ease with which coupon bonds can be transferred from hand to hand and also because of the ease with which the interest coupons can be collected, coupon bonds are preferred for temporary investments by those who may wish to sell them within a short time and by those who wish to avoid the trouble attending the sale of registered bonds.

The courts have held that a coupon bond payable to bearer is good in the hands of a bona fide holder who acquires it by honest purchase at a fair market price without knowledge that it has been fraudulently obtained by any previous holder, even though the bond may have been lost by or stolen from another party. The recovery of lost or stolen coupon bonds or coupons is therefore attended with great difficulty and can rarely be accomplished unless they are found in the hands

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