The notion that a borrower is precluded from challenging a holder's right of enforcement is often expressed apothegmatically as: "Even a thief is entitled to enforce a
bearer instrument." (34) Needless to say, the assertion that a thief can obtain or pass title to stolen property flies in the face of common law.
On the other hand, since it is a
bearer instrument with a liquid secondary market, Euroequity does not dismantle the registration barrier.
As long as criminality remains in the underground of aliases, coded messages, false documents,
bearer instruments, and clandestine operations, it is often undetectable to even seasoned investigators.
The requirement that certain debt obligations be "in registered form" is intended to create a record of ownership and to discourage the use of
bearer instruments (i.e., obligations not in registered form) as a potential means of avoiding taxes.
The IBUs will not be permitted to issue
bearer instruments or cheques and all payment transactions will need to be undertaken through bank transfers.
The government also committed to consider the option of an explicit ban on
bearer instruments.
The central bank said it is also bringing the minimum declaration amount in line with international standards, raising the requirement to declare cash and
bearer instruments such as cheques to 100,000 dirhams ($27,230), or the equivalent in foreign currencies, from 40,000 dirhams.
In other words, when entering or leaving a country, although there may be requirements to disclose or declare cash or
bearer instruments over USD/EUR 10,000, there is no comparable requirement for stored value cards.
Privatization vouchers were
bearer instruments that were freely tradable, and they typically were bought and sold using U.S.
Roever envisions Navio rifles acting as
bearer instruments, like cash bills certified by the Federal Bank or stock certificates.
Campaign against
bearer instruments has also led to diversion of funds towards the share market.
Some of the articles provided by the law require the declaration of anyone entering or leaving the country carrying cash, monetary or financial
bearer instruments, precious metals or stones of value, as per the regulations set out by the Central Bank.