Face-Amount Certificate
1 definitions

‘‘Face-amount certificate’’ means any certificate, investment contract, or other security which represents an obli­gation on the part of its issuer to pay a stated or determinable sum or sums at a fixed or determinable date or dates more than twenty-four months after the date of issuance, in consideration of the payment of periodic installments of a stated or determinable amount (which security shall be known as a face-amount certificate of the ‘‘installment type’’); or any security which represents a similar obligation on the part of a face-amount certificate company, the consideration for which is the payment of a single lump sum (which security shall be known as a ‘‘fully paid’’ face-amount certificate). 

FK Reading Ease
-2.9

FK Grade Level
Graduate School
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