Also known as: when-issued securities · when issued security · when issued securities · WI security · when-issued · when issued
Written by attorneys · grounded in primary & secondary sources — see below
An instrument that, when issued or negotiated to the holder, does not bear such apparent evidence of forgery or alteration or is not otherwise so irregular or incomplete as to call into question its authenticity.
Select any source to read its text and confirm it supports the definition.
Winston West receives a when-issued promissory note from Watershed Pharmaceuticals in exchange for a loan. The note shows no signs of forgery or alteration when issued. Because the instrument satisfies the authenticity condition at issuance, Winston takes it as a holder in due course after paying value.
Waverly Insurance issues bonds to Winslow Aviation. The bonds contain no visible signs of forgery or irregularity at the moment of issuance. Winslow therefore qualifies as a holder in due course upon paying value for the instruments.
Warren Woods acquires when-issued shares later linked to illegal activity. Authorities attempt forfeiture. The court checks whether the shares were regular on their face and free of apparent forgery when first issued to Woods.
Whitney Washington receives when-issued shares in Blasius Industries subject to a later-adopted transfer restriction. The board refuses to recognize a proposed sale. The restriction fails to bind the shares because they were issued before the limitation took effect and Washington never consented.
Willowbrook Capital pays Lady Duff-Gordon for the exclusive right to market when-issued designs under her name. The agreement creates an option-like commitment that survives later attempts to revoke. The when-issued rights remain enforceable despite changed circumstances.
Wayne Walker faces a when-issued military order affecting his property rights during wartime. The order is challenged as lacking proper civilian court authorization. The court holds that the when-issued directive exceeds military authority and must yield to constitutional protections.
A when-issued instrument supports holder-in-due-course status only if it bears no apparent evidence of forgery or alteration that calls its authenticity into question at the time it reaches the holder. This requirement ensures the instrument is regular on its face when issued or negotiated.
A later-adopted transfer restriction does not bind shares that were already issued unless the holder consented by becoming a party to the restriction or voting in favor of it. Shares issued before the restriction remain free of the new limitation.
…a certificate of her approval. The things which she designs, fabrics, parasols and what not, have a new value in the public mind when issued in her name. She employed the plaintiff to help her to turn this vogue into money. He was to have the exclusive right, subject always to her approval, to place her indorsements on the…