Preferred stock on which dividends accrue in the event that the issuer does not make timely dividend payments. Most preferred stock is cumulative preferred. opposite of non-cumulative preferred.
Where does it say that unregistered preferred can be sold publicly in the market? It doesn't. Read SEC Rule 144(k), S-3 and read about why a form 3 is required to sell preferred after the restrictions have been met and the legends legally lifted.
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