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Simple English definitions for legal terms
good delivery
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A quick definition of good delivery:
Good delivery: When someone gives something to another person, it's called delivery. Good delivery means that the thing being given is in good condition, belongs to the person giving it, has all the necessary paperwork, and is properly signed. This is important when giving or receiving things like stocks or property.
A more thorough explanation:
Definition: Good delivery refers to the basic conditions required for the transfer of a security. These conditions include:
- The certificate is in good condition
- The certificate belongs to the person transferring it
- The certificate is properly endorsed
- Any legal documents necessary for negotiability must accompany the certificate
For example, if someone wants to transfer ownership of a stock certificate to another person, they must ensure that the certificate is in good condition, that they are the rightful owner of the certificate, that the certificate is properly endorsed, and that any necessary legal documents are included with the certificate.
Another example of good delivery is when a seller delivers a product to a buyer. The product must be in good condition, the seller must be the rightful owner of the product, and any necessary documents, such as a bill of sale, must be included with the product.
Overall, good delivery ensures that the transfer of ownership is legal and valid.