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SCRIP Definition & Legal Meaning

Definition & Citations:

Certificates of ownership, either absolute or conditional, of shares in a public company, corporate profits, etc. Pub. St. Mass. 1882. p. 1295, A scrip certificate (or shortly “scrip”) is an acknowledgment by the projectors of a company or the issuers of a loan that the person named therein (or more commonly the holder for the time being of the certificate) is entitled to a certain specified number of shares, debentures, bonds, etc. It is usually given in exchange for the letter of allotment, and in its turn is given up for the shares, debentures, or bonds which it represents. Lindl. Partn. 127; Sweet. The term has also been applied in the United States to warrants or other like orders drawn on a municipal treasury (Alma v. Guaranty Sav. Bank, 00 Fed. 207, 8 C. C. A. 504.) to certificates showing the holder to lie entitled to a certain portion or allotment of public or state lands, (Wait v. State Land Office Com’r, 87 Mich. 353, 49 N. W. 000.) and to the fractional paper currency issued by the United States during the period of the Civil War.


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