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Registered Bonds and Negotiability (with H. E. Russell), 47 Harvard Law Review 741 (1934)


The registered bond has received very little attention from either lawyer or legislator. It has so long been a gilt-edged member of the financial community - though a bit old-fashioned in its " non-negotiability ", and living in somewhat straitened circumstances today -that it has quite generally been taken for granted as a known quantity, something not subject to change. Many members of the unregistered bond family, on the other hand, have, in a series of decisions and with the aid of some legislation, been accorded full negotiability. So, too, share certificates, though issued in the name of a specified holder, as are registered bonds, and though also not containing the words " order " or " bearer ", have been given many attributes of negotiability, if one may conceive of negotiability as something having a definite number of characteristics. But the registered bond, somehow, has been passed by.

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