Derek Moran
BONDS are available in two forms:
REGISTERED BONDS: are recorded on the books of the ISSUER by the TRUSTEE, and, INTEREST is paid-by-mail to the HOLDER of RECORD.
BEARER BONDS: are NEGOTIABLE INSTRUMENTS that must be SAFEGUARDED by the OWNER to prevent loss. INTEREST is paid by COUPON REDEMPTIONS. [Barron's Law Dictionary]