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Title: Section 451.49 - Certificate of deposit

451.49 Certificate of deposit. (a) A formal instrument, frequently negotiable or transferable, issued by a bank as evidence of indebtedness and arising from a deposit of cash subject to withdrawal under the specific terms of the instrument:

(1) demand certificates, payable upon presentation, seldom bearing interest;

(2) time certificates, payable at a fixed or determinable future date, usually bearing interest at a specified rate.

(b) A formal certificate, usually printed or engraved, ordinarily negotiable or transferable, and issued by a depository or agent against the deposit of bonds or stock of a corporation under the terms of a reorganization plan or other agreement.


VOLUME D (Title 10)