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At a high level, debt securities closely resemble promissory notes. They are a form of securitised [[loan]]. | At a high level, debt securities closely resemble promissory notes. They are a form of securitised [[loan]]. | ||
There is some authority from Canada that bearer bonds are not promissory notes, but we are bound to say we are not persuaded by it. The suggestion is as follows: | There is a striking absence of authority on promissory notes and bills of exchange — possibly coincident with the rise of electronic transfer techniques — and much of what authority we do have feels a bit airy and jazz hands, when it doesn’t seem just plain wrong. | ||
For example, there is some authority from Canada that bearer bonds are not [[promissory note|promissory notes]] within the meaning of the [[Bills of Exchange Act]], but we are bound to say we are not persuaded by it. The suggestion is as follows: | |||
{{quote| | {{quote| | ||
A bond is not an unconditional promise to pay, but the bond itself ... is a promise to pay subject to all the conditions referred to in the bond.<ref>''Weidman Bros v Guaranty Trust Co'' [1955] 5 DLR 107.</ref>}} | A bond is not an unconditional promise to pay, but the bond itself ... is a promise to pay subject to all the conditions referred to in the bond.<ref>''Weidman Bros v Guaranty Trust Co'' [1955] 5 DLR 107.</ref>}} | ||