clip

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Clip

To separate a coupon from a bearer bond. A bearer bond contains no ownership information and the physical bearer is presumed to be the owner. The bond contains physical coupons that must be clipped in order to receive the interest payments. Bearer bonds have not been issued in the United States since 1982, and thus clipping has become a less common activity, applying only to long maturity bonds issued before then.

clip

To detach the interest coupons from a bearer bond. These coupons must be presented to a bank, a brokerage house, or the issuer's agent in order for the holder of the bearer bond to receive interest payments.
References in periodicals archive ?
I will make sure that we counter this impression created that we have clipped the wings of KPEC, Khan pledged.
The Leopards (Jack Dwyer 2) partly clipped the wings of Everest Eagles (Warren Haigh) in a 2-2 draw, but The Lions lacked a cutting edge as they fell to a 2-0 defeat at the hands of the Rebels (William McKee, James Wright).
The Leopards clipped the wings of Everest Eagles to land a 4-3 win.