Section 625: Transfers with unrealised interest
1828.This section explains what is meant by a transfer “with unrealised interest”. It is based on section 716(1) of ICTA.
1829.It applies if securities are transferred together with interest which is ripe for payment because the due and payable date has passed, but the holder of the securities has not called for payment of the interest. This will most commonly arise in the case of bearer securities with separate coupons for each interest instalment. But it does not follow that there could not be other circumstances where securities are transferred with unrealised interest.