A cooperative association that offers low-interest loans and other consumer banking services to persons sharing a common bond — often fellow employees and their family members. • Most credit unions are regulated by the National Credit Union Administration. State-chartered credit unions are also subject to regulation by the chartering state, and they may be regulated […]
A security representing an ownership interest in a corporation, such as a share of stock, rather than a debt interest, such as a bond; any stock or similar security, or any security that is convertible into stock or similar security or carrying a warrant or right to subscribe to or purchase stock or a similar
statute merchant. Hist. 1. (cap.) One of two 13th-century statutes establishing procedures to better secure and recover debts by, among other things, providing for a commercial bond that, if not timely paid, resulted in swift execution on the lands, goods, and body of the debtor. 13 Edw., ch. 6 (1283); 15 Edw., ch. 6 (1285).
rente (rawnt), n. [French “income, rent”] French law. 1. Annual income or rent. rente foncière (fawn-syair) [French “ground rent”] A rent that is payable for the use of land and is perpetual. rente viagère (vee-ah-zhair). [French “life rent”] A rent charge or annuity that is payable for life; a life interest or annuity. 2. (usu.
yield, n. Profit expressed as a percentage of the investment. — Also termed yield on investment; return. See RATE OF RETURN. coupon yield. The annual interest paid on a security (esp. a bond) divided by the security’s par value. — Also termed nominal yield. current yield. The annual interest paid on a security (esp. a
basis point. One-hundredth of 1%; .01%. • Basis points are used in computing investment yields (esp. of bonds) and in apportioning costs and calculating interest rates in real-estate transactions.
tax-exempt, adj. 1. By law not subject to taxation (a tax-exempt charity). [Cases: Internal Revenue 4045–4071; Taxation 211–250. C.J.S. Internal Revenue §§ 327, 462–474, 670, 798; Taxation§§ 266, 275, 277–282, 287–289, 291–298, 300, 303–383, 1736–1737.] 2. Bearing interest that is free from income tax (tax-exempt municipal bonds). — Also termed tax-free.
A security (esp. a bond) that is issued at a large discount but pays no interest. • The face value of the bond is payable at maturity.
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