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The concept of value , in the field of finance, refers to property rights about an obligation or a credit title. This value is entered in a document , which grants the exercise of an autonomous and literal right.

The idea of securities , thus, is linked to the concept of credit titles : these are documents that allow the registration of the exercise of a private right. Therefore, only those who hold the security title are in a position to exercise that right.

A security title is associated with a specific value . This value is inevitably linked to the document (material support). Thus, when a person transmits the security, it transmits the right . Or, said the other way around, if you want to transmit the right, you must transfer the security.

The checks , the promissory notes , the bills of exchange and the Actions They are securities. Each of these titles has its own characteristics, which allow to establish the following classification:

* securities to order : is one that a person extends to favor of another in particular, which, in turn, can transmit it back to a third party through the formula called endorsement . When such transmission is carried out, it is not necessary to notify the debtor (to whom he contracted the obligation to make the payment). On the other hand, the endorser (who transmits it, whether or not the original creditor) must respond to the endorser (the current creditor) about the financial solvency of the debtor. The bill of exchange, for example, is part of this group;

* bearer securities : this type of document gives to the person who owns it the right incorporated therein, without the need for its first name has been specified. As can be deduced, a bearer securities can be transmitted from one person to another without any formal procedure, simply by delivering it. At the time of issuance, therefore, the debtor acquires the obligation to pay the debt to whoever presents it to the corresponding entity. He bearer check It is a good example of this kind of title;

* nominative securities : unlike the previous case, this type of title has written the data of a particular person, and only she will be recognized the right to use it. Nominative securities may be transferred, but for this it is necessary to notify the debtor of the procedure, so that the latter can record the transfer in the corresponding book. Two documents that fall into this category are the promissory note and the nominative check.

In general, it can be said that all securities meet requirements linked to the formalism (to be effective they must respect the provisions of the legislation), the literalness (the obligations and rights are recorded in the document), the autonomy (the security title enables the exercise of its own right) and the legitimation (holding the security title empowers the person to the exercise of the right that it incorporates), among other characteristics in common.

When defining a particular security, such as the bill of exchange or the check, certain aspects must be taken into account, such as: concept , where the document is broadly defined, mentioning its main benefit and the responsibility of each participant; the functions specific, that differentiate it from other documents, especially those that are not public knowledge; the list of personal items , that is, the formal name given to each role that a person can acquire within the life cycle of the title in question (drawer, endorser, holder, guarantor, etc).

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