Local Finance Law § 55.00 · Title 4. Local Obligations: Terms, Form and Contents Thereof; Sale and Issuance Thereof
Bearer and registered obligations
Text — Law content up to date as of September 4, 2026, as published by the New York State Senate (Open Legislation)
§ 55.00 Bearer and registered obligations. a. The agency prescribing the terms, form and contents of bonds shall provide for the issuance of bonds in either or both of the following forms:
1. Bonds payable to bearer with coupons attached for the payment of interest to bearer, and such bonds may provide for their conversion into bonds registered as to both principal and interest and not otherwise.
2. Bonds in registered form, and such bonds may provide for their conversion into coupon bonds.
b. The agency prescribing the terms, form and contents of notes shall provide for the issuance of notes in either or both of the following forms:
1. Notes payable to bearer, with interest payable to bearer upon presentation for notation of such payment thereon if periodic payment of such interest is authorized, and such notes may provide for their conversion into notes registered as to both principal and interest and not otherwise.
2. Notes in registered form, and such notes may provide for their conversion into notes payable to bearer.
Source of truth
- Edition
- Law content up to date as of September 4, 2026, as published by the New York State Senate (Open Legislation)
- Official file
- https://legislation.nysenate.gov/pdf/laws/LFN55.00
- Text hash
- sha256 c598995aea6e96bde8ca8a7419b687f4f62a56a1a64f2928ea5d0bbd64134cf7
- Composed by
- gen_ny_statutes.py 2026-11-10: the Senate's Open Legislation law tree (GET /api/3/laws/<ID>?full=true) read in document order; the Senate's PDF of the whole law (GET /pdf/laws/<ID>?full=true), read with PDFium, prints the same words in the same order
Procedural information only. Not legal advice and not a substitute for the advice of an attorney. Confirm the current text with the official publisher before relying on it.