Detachable Call Law and Legal Definition

Detachable call is the right to buy back a bond which is sold separately from the bond. Generally, when a bond is due, the issuer of the bond retains the right to pay off the bond after a designated period of time. An investor may purchase the right to call a bond, either on, the investor already owns to prevent a call, or on a bond owned by someone else to have the right to buy a favorable bond at face value.