Income Payment Date - 2000 GMSLA Provision: Difference between revisions

Income Payment Date - 2000 GMSLA Provision (view source)

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 ===“[[Or]]” as an [[exclusive disjunction]]===
-To make sense of it, this one needs this or to be an ''ex''clusive disjunction, whereas in the ordinary course, enthusiastic readers will know, the [[JC]]’s house view is that [[or]] is an ''in''clusive disjunction.
+To make sense of it, this one needs this or to be an ''ex''clusive disjunction, whereas in the ordinary course, enthusiastic readers will know, the [[JC]]’s house view is that [[or]] is an ''in''clusive disjunction. Clearly, for [[Bearer security|bearer paper]] the only material time is the point where there noteholder rocks up with its note or [[coupon]] and presents it for payment. For a registered security, the right to payment accrues on an {{gmslaprov|Income Record Date}}, and it doesn't matter who holds the paper (or is registered as owner) on the payment date; the person who was registered on the record date gets the payment.
-:''...means '''[in the case of non-registered {{gmslaprov|Securities}}]''' the date on which Income is paid on the {{gmslaprov|Securities}}, or, in the case of registered {{gmslaprov|Securities}}, the date by reference to which registered holders are identified as being entitled to payment...'' <br>
+Nonetheless, the drafting makes rather a bosh of a simple question which — as I dare say the [[JC]]'s own {{nutshell}} drafting demonstrates — can be articulated quite easily.
+:{{Nutshell GMSLA 2000 Income Payment Date}}<br>
 For this reason, the definition was rather improved by its successor in the [[2010 GMSLA]], “{{gmslaprov|Income Record Date}}”