The Annals of the American Academy of Political and Social Science Volume 30

The Annals of the American Academy of Political and Social Science Volume 30

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This historic book may have numerous typos and missing text. Purchasers can usually download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1907 edition. Excerpt: ...and interest. (b) Lien security. 1. By character of property pledged. (a) Real property. 1. Land grant bonds. 2. Real estate bonds. (b) Personal property. 1. Collateral trust bonds. 2. Sinking fund bonds. 2. By.the character or priority of lien. ( a) First, second or third mortgage bonds. (b) General mortgage bonds. (c) Blanket mortgage bonds. (d) Consolidated mortgage bonds. (e) Income bonds. (f) Profit-sharing bonds. (g) Dividend bonds. 3. By the character of the holding participation receipts. Unsecured bonds, sometimes caller "plain" bonds, are credit instruments or unconditional contracts for the payment of money, to the holders of which no collateral contract is made, the payment of which is conditioned on default on the original or credit contract. It is commonly thought that what in the market is dominated a bond is secured. This is error. Some of the best bonds dealt in on the exchanges are in the nature of unsecured promises to pay. They are bought and sold on the open credit of the issuer, in the same manner as are one-name commercial papers. Among these are the issues of the federal and state governments, municipalities, county bonds, etc. The Bank of the United States issued unsecured bonds. In this country practically the only form of security given for the bonds of public corporations is a sinking fund. This may be a cumulating security or it may cover the principal from the date of issue. An instance of such secured municipal bond is found in the issues of the city of Chicago, where, at the time the issues were authorized, a tax was levied for the full amount, payable and collectible by instalments over the life of the bond. Among the unsecured private or corporate bonds are the debentures of railroads. The...show more

Product details

  • Paperback | 310 pages
  • 189 x 246 x 17mm | 558g
  • Rarebooksclub.com
  • United States
  • English
  • black & white illustrations
  • 1236819721
  • 9781236819727