This morning, Jeff found an aged bond certificate lying on the street. He picked it up and noticed that it was a 50-year bond that matured today. He presented the bond to the bank teller at his local bank and received payment for both the entire principal and the final interest payment. The bond that Jeff found must have been which one of the following?
a. Debenture
b. Callable bond
c. Registered-form bond
d. Note Bearer-form bond

The answer is D.

Explanation:

Note Bearer-form bond is a type of bond that is paid to the person presenting the the cheque at that very moment unlike registered-form bond is paid ONLY to the person that his name has been registered with the security exchange for the bond. Even if a stranger picks it up somewhere or is being stolen, the bond will not be honoured.

Option A(debenture) is incorrect because debenture is an unsecured long-term loan.

Option B(Callable bond) is also incorrect. This is a bond that can be claimed or redeemed by the person issuing it before its maturity.

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