Certificate Of Indebtedness (Noun)
Meaning
A written promise to repay a debt.
Classification
Nouns denoting possession and transfer of possession.
Examples
- The borrower was issued a certificate of indebtedness to serve as a formal record of their debt to the lender.
- As security for the loan, the bank required the company to sign a certificate of indebtedness with specific repayment terms.
- Before lending the money, the friend insisted that the agreement be formalized in a certificate of indebtedness to prevent future misunderstandings.
- To comply with accounting regulations, the business prepared a certificate of indebtedness to document its debt to suppliers.
- In the contract, the seller provided the buyer with a certificate of indebtedness, which stated the outstanding balance due and the interest rate applied.