Series 53: Delivery And Payment

Taken from our Series 53 Online Guide

Delivery and Payment

When exchanging securities, sellers must follow the Uniform Practice Code’s rules of good delivery. Good delivery means that a security is in proper contractual and regulatory readiness for the transfer of title.

Prior to the 1980s, the clearance and delivery of municipal securities entailed substantial risk. Having no name printed on them, bearer bonds were prey to theft, tax evasion, and mo

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