mortgage debenture

1 definition found

mortgage debenture - Collaborative International Dictionary of English v.0.48 :

  Debenture \De*ben"ture\ (?; 135), n. [L. debentur they are due,
     fr. debere to owe; cf. F. debentur. So called because these
     receipts began with the words Debentur mihi.]
     1. 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.
        [1913 Webster]
  
     2. A customhouse certificate entitling an exporter of
        imported goods to a drawback of duties paid on their
        importation. --Burrill.
        [1913 Webster]
  
     Note: It is applied in England to deeds of mortgage given by
           railway companies for borrowed money; also to municipal
           and other bonds and securities for money loaned.
           [1913 Webster]
  
     3. 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.
        [Webster 1913 Suppl.]