23 Miss. Code R. § 103-4.15

Current through June 25, 2024

Rule 23-103-4.15 - Corporate Bonds

A. General.

1. Corporate bonds are the obligation of a private corporation. Corporations sell bonds to raise capital.

2. There are two type of corporate bonds:

a) Debentures are backed by the issuer's full faith and credit; and

b) Mortgage-Backed bonds are backed by a lien on the company's assets.

3. Corporate bonds are issued in two forms:

a) Registered bonds pay interest to their registered owner; and

b) Bearer or coupon bonds pay interest to whomever holds the bond.

B. Treatment.

1. Ownership is determined by the receipt of purchase.

2. The bond value is obtained from the issuer, i.e., broker, securities dealer, etc., and is a countable resource.

23 Miss. Code. R. § 103-4.15

Social Security Act §1902 (r) (2); 42 CFR §435.601(b) (Rev 1994).