A municipal dealer buys $250,000 face amount of registered bonds. On settlement, the buyer receives $200,000 of the bonds. Which statement is TRUE?
The best answer is A. Because municipal bonds are typically thinly traded, if a buyer receives a partial delivery, the seller may not be able to locate the remaining portion of the delivery that is due. The MSRB permits the buyer to either accept or reject such partial deliveries at will.