Which of the following is considered a "good delivery" under MSRB rules?

The criterion of "good delivery" under Municipal Securities Rulemaking Board (MSRB) rules emphasizes the importance of ensuring that the transferred securities meet specific standards for completion and legality. In this context, a bond that is delivered with validated mutilated coupons by the issuer is considered a "good delivery" because it aligns with the accepted procedures that ensure the bonds are legitimate and can be legally enforced.

Mutilated coupons refer to those that have been damaged but have been validated by the issuer, confirming they can still be honored. This validation addresses the concerns about the authenticity of the delivery as well as the contractual obligations associated with the bond. The fact that these coupons are acknowledged by the issuer provides reassurance that the bond is still valid despite its physical condition.

Other scenarios presented do not fulfill the good delivery criteria. The first option involves a bond being delivered without a legal opinion in a scenario labeled "ex legal," which could result in legal ambiguities regarding the bond's enforceability. The second option, while it may seem logical, has issues as the endorsement does not exactly match the name on the bond, which could lead to questions of authenticity and proper ownership transfer. The fourth option raises concerns as registered bonds should not be delivered if identical bearer bonds are available unless