certificate of deposit

certificate of deposit.

1. A banker’s certificate acknowledging the receipt of money and promising to repay the depositor.

2. A bank document showing the existence of a time deposit, usu. one that pays interest. — Abbr. CD. [Cases: Banks and Banking 152. C.J.S. Banks and Banking §§ 294–300, 370.]

negotiable certificate of deposit. A security issued by a financial institution as a short-term source of funds, usu. with a fixed interest rate and maturity of one year or less. [Cases: Banks and Banking 152. C.J.S. Banks and Banking §§ 294–300, 370.]


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