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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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