Good Delivery: Units, Form, and Restricted Certificates

What this video covers

• How stocks are delivered in 100-share round lots or aggregable multiples, why a 250-share trade can still be valid, and how the delivery structure differs when an exact number is contracted
• Why certificates of deposit for bonds (CDs for bonds) use $1,000 par face amounts, while Unit Investment Trusts (UITs) use a single unit
• What makes an assignment conforming, including exact registered-name matching and the narrow equivalences for ampersand, and, Co., and Company
• Why a signature guarantee from a party acceptable to the transfer agent or registrar is required, and why a genuine unguaranteed signature is still bad delivery
• Why the seller bears the expense when an assignment, signature, or guarantee fails
• Which four parties can authenticate a mutilated certificate, and why a mutilated bearer bond coupon needs an authorized endorsement on the reverse side
• Why certificates registered to a deceased person or infant fail, and how the fiduciary exception works for domestic securities registered to a fiduciary with a guaranteed signature