The concept of value, in the field of finance, refers to the property right on a bond or security. This amount is recorded in a document, which grants the exercise of an autonomous and literal right.
The idea of titles, in this way, is linked to the concept of titles of credit: these are documents that allow the exercise of a private right to be recorded. Therefore, only whoever holds the title is in a position to exercise this right. A title is associated with a specific title. This value is closely linked to the document (material support). So, when a person transmits security, he transmits the right. Or, to say the opposite, if you want to convey the right, you must convey the security.
Checks, bills, bills of exchange and shares are transferable securities. Each of these securities has its own characteristics, which allow the following classification to be established: * property of securities at sight: it is the one that a person grants in favor of another in particular, who in turn can transmit it again to a third party through the formula called endorsement. When such transfer takes place, it is not necessary to notify the debtor (to whom he has contracted the obligation to make the payment). On the other hand, the endorser (who transmits it, whether or not he is the original creditor) must respond to the endorser (the current creditor) of the economic solvency of the debtor. The bill of exchange, for example, is part of this group; * bearer securities: this type of document grants its holder the right incorporated therein, without the need to indicate his name. As can be deduced, a bearer value certificate can be transferred from one person to another without any formal procedure, simply by delivery. At the time of issuance, therefore, the debtor acquires the obligation to pay the debt to whoever presents it to the corresponding entity. The bearer check is a good example of this type of security; * Title of registered titles: unlike the previous case, this type of title contains the data of a certain registered person, and only that person will be granted the right of use. Nominative securities can be transferred, but for this it is necessary to notify the debtor of the procedure, so that the transfer is recorded in the corresponding book. Two documents that fall into this category are the promissory note and the personal check.
At a general level, it can be said that all securities meet requirements related to formalism (in order to be effective they must respect what is established by law), literality (the obligations and rights are consigned in the document), autonomy (the title of the security enables exercise in its own right) and legitimacy (possession of a value gives the person the right to exercise the right it embodies), among other common characteristics. When defining a specific value, such as a bill of exchange or a check, some aspects must be taken into account, such as: the concept, where the document is broadly defined, mentioning its main benefit and the responsibility of each participant; the specific functions that differentiate it from other documents, especially those that are not public knowledge; the list of personal elements, that is, the formal name assigned to each function that a person can acquire in the life cycle of the title in question (drawer, endorser, holder, guarantor, etc.).
