Under MSRB rules, when is the delivery of a mutilated certificate considered good delivery?

In the context of MSRB rules, the delivery of a mutilated certificate is deemed good delivery when it is authenticated by the issuer or the transfer agent. This authentication serves as an important validation, confirming the legitimacy of the certificate despite its mutilated condition. The issuer's or transfer agent's authentication essentially verifies that the security is genuine and that the information contained within it is accurate, thus allowing for the certificate to be delivered to a buyer.

Authentication ensures that even if the physical integrity of the certificate has been compromised, the ownership rights and other relevant details remain intact and authentic. This requirement helps protect the interests of both parties involved in the transaction, maintaining the integrity of security transfers in the market.

In contrast, while readily negotiable form, a valid corporate seal, or an original transaction receipt may have their significance in different circumstances, they do not specifically address the status of mutilated certificates under the MSRB rules. The focus on authentication highlights the necessity of verifying the usefulness of a mutilated certificate in actual transactions.