memorandum of deposit

memorandum of deposit
memorandum of deposit memoˌrandum of deˈposit noun memoranda of deposit PLURALFORM or memorandums of deposit PLURALFORM [countable] LAW FINANCE
a document showing an agreement with a bank when shares and other investments are left as security for a loan. It gives details about the bank's right to these investments if the loan is not repaid:

• The shares were subject to a memorandum of deposit in favor of the bank, which had effective control of them.

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memorandum of deposit UK US noun [C] FINANCE
a written agreement between a person or company that borrows money and the bank lending the money in which the borrower promises to give the bank shares they own and have left with the bank, if they fail to pay back the loan

Financial and business terms. 2012.

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