Lloyd's bonds

Lloyd's bonds
The name of a class of evidences of debt, used in England; being acknowledgments, by a borrowing company made under its seal, of a debt incurred and actually due by the company to a contractor or other person for work done, goods supplied, or otherwise, as the case may be, with a covenant for payment of the principal and interest at a future time, as distinct from a security for a present advance; thus its issuance does not depend on the borrowing power of the company

Black's law dictionary. . 1990.

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