| Debenture (debenture) |
|---|
| n. | (?; 135) |
|---|
| De*ben"ture |
| [L.
debentur they are due, fr. debere to owe; cf. F.
debentur. So called because these receipts began with the
words Debentur mihi.] |
A writing
acknowledging a debt; a writing or certificate signed by a public
officer, as evidence of a debt due to some person; the sum thus
due.
A customhouse certificate entitling an
exporter of imported goods to a drawback of duties paid on their
importation.
|
| Debenture (debenture) |
|---|
| n. | |
|---|
| De*ben"ture |
|
Any of various
instruments issued, esp. by corporations, as evidences of debt. Such
instruments (often called debenture bonds) are
generally, through not necessarily, under seal, and are usually
secured by a mortgage or other charge upon property; they may be
registered or unregistered. A debenture secured by a mortgage on
specific property is called a mortgage debenture;
one secured by a floating charge (which see), a floating
debenture; one not secured by any charge a naked
debenture. In general the term debenture in British
usage designates any security issued by companies other than their
shares, including, therefore, what are in the United States commonly
called bonds. When used in the United States debenture
generally designates an instrument secured by a floating charge junior
to other charges secured by fixed mortgages, or, specif., one of a
series of securities secured by a group of securities held in trust
for the benefit of the debenture holders.
|
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In celebration of Noah Webster's Birthday (October 16, 2009), we have prepared an updated website. 