Bearer Bond

A bond payable to whoever is in possession - that is no central register

A bond whose owner's name is not on record.
Bearer bonds are unregistered bonds which are payable to the bearer. Bonds are no longer issued in bearer form, but there are some older bearer bonds that are still in circulation.
Interest accrued on bearer bonds is paid to whoever presents the attached coupons and the principal is paid to whoever presents the bond for redemption.
Ownership of this type of bond can pass from hand to hand by simply delivery (similar to a currency not or a bearer check).

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