A bond that gets timely payment to the holder of debt. It cannot be cancelled. It guarantees repayment. Another party may pay if the party borrowing goes into default.
Your Free Online Legal Dictionary • Featuring Black’s Law Dictionary, 2nd Ed.
A bond that gets timely payment to the holder of debt. It cannot be cancelled. It guarantees repayment. Another party may pay if the party borrowing goes into default.
Powered by Black’s Law Dictionary, Free 2nd ed., and The Law Dictionary.