A registered bond with ''Happy Birthday'' scrawled across the face of the certificate is delivered to a broker/dealer in satisfaction of sale by another member firm. Assuming it is accompanied by an authentic assignment, power of substitution form, and tax stamps (if appropriate), this is good delivery only if:
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Correct Answer:
A
the certificate is validated by the transfer agent. A mutilated bond must be validated before it can be a good delivery. The validation can be made by the issuer or the transfer agent.
