Final answer:
The 15-year unsecured bond issued by Miller Farm Products can be classified as a debenture, which is based on the issuer's creditworthiness and does not have specific assets as collateral.
Step-by-step explanation:
Understanding the Type of Bond Issued by Miller Farm Products
Miller Farm Products is issuing a 15-year, unsecured bond. An unsecured bond is one that does not have specific assets backing the bond as collateral. Based on the information provided, such a bond is best described as a debenture. This type of bond relies solely on the creditworthiness and reputation of the issuer rather than any collateral.
Therefore, the correct answer to the question is that the debt can be described as a debenture. It is important to note that other options pertain to different bond features; for example, a note typically refers to shorter-term debt instruments, bearer form bonds have coupons that are clipped to receive payments and they are not registered in the investor's name, registered form bonds are registered with the issuing company, and call protected bonds are secured against early redemption by the issuer.