According to the MSRB rules, which of the following would cause a broker-dealer to reject the delivery of municipal bonds?
a. A legal opinion is attached to, rather than imprinted on, the bonds.
b. Registered bonds are expected and delivered with proper endorsement.
c. Bearer bonds are delivered in $5,000 denominations.
d. The bonds have been called by the issuer.
Good delivery for municipal bonds, unless otherwise specified, requires delivery of bonds not subject to a partial call and an imprinted or attached legal opinion. (Partially called bonds are not considered good delivery.) The bonds may be in bearer or registered form. Bearer bonds may be delivered in $1,000 or $5,000 denominations. If delivery of registered bonds is expected, they must be properly endorsed and in any denomination from $1,000 to a maximum of $100,000, in $1,000 increments. (12-31)