A term describing or designating securities for which the issuer has no right to request more payments from the holder as payment has been completed in full, and no outstanding amounts remain to be settled.

This typically involves securities in a customer’s account that have been completely paid for (i.e., fully paid securities). Such securities are held in a customer’s margin or cash account after having been paid for in full, and are not being posted as collateral to purchase other securities on margin.

If securities are not fully paid for, there might be various situations under specific terms: 1) excess-margin securities: securities that have not been completely paid for, but whose market value exceeds the customer’s margin debit balance by a given percentage (e.g., 130%- 140%, etc.), 2) partly paid and 3) nil paid.