Definition of mortgage debenture. Meaning of mortgage debenture. Synonyms of mortgage debenture
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Definition of mortgage debenture
mortgage debenture Debenture De*ben"ture, n.
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.
