A blank transfer of shares. Shares are transferred by completion of a transfer form. Where the name of the transferee is left blank, this is known as a blank transfer. It may be used when shares are mortgaged, the mortgage having a right to fill in his own name if the money is not repaid by a certain date. It is also used when persons hold shares as nominees for others, the registered owner giving the beneficial owner a blank transfer.
|Reference: The Penguin Business Dictionary, 3rd edt.|