certificate of indebtedness

An instrument issued by a building and loan association for borrowed money. 13 Am J2d B & L Assoc § 10: an obligation issued by a receiver, trustee, or debtor in possession, for money borrowed for the purpose of continuing the operation of the bankrupt's or debtor's business while bankruptcy proceedings or reorganization proceedings continue. 9 Am J2d Bankr §§ 1308, 1357, 1555; one of an issue of instruments by a public body to obtain funds for carrying on the administration of government, being similar to a bond in the respect that both are promises to pay a sum certain at a definite time or times. 43 Am J1st Pub See § 12. For many years the form of obligation used to raise money for municipal improvements when the loan was for a large sum and intended to cover a long term of years was an instrument under seal known as a "certificate of loan,” with certificates of interest attached, payable to the bearer at particular times within the year, at some particular place, being a part of the contract from which they must be cut off to be presented for payment. These certificates of loan are now known as coupon bonds. Amey v Allegheny City (US) 24 How 364, 16 L Ed 614.