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Definition of Personal trust
An interest in an asset held by a trustee for the benefit of another person.
A bond in which the issuer (often a holding company) grants investors a lien on
DTC is a user-owned securities depository which accepts deposits of
Certificates issued by a trust that was formed to purchase an asset and lease it
A mechanism of issuing MBS wherein the mortgages' collateral is deposited with a trustee
A closed-end fund regulated by the Investment Company Act of 1940. These funds have a
Assets, the title of which are held personally rather than in the name of some other legal entity.
A legal document whereby an individual takes responsibility for payment of debt or performance of some obligation if the person/company primarily liable fails to perform.
A bank's commitment to make loans to a borrower up to a specified maximum during a specific period, usually one year.
A revolving source of credit with a pre-established limit. You access the funds only as you need them, and any amount that you pay back becomes accessible to you again. Unlike a personal loan, a PLC permits you to write cheques and make bank machine withdrawals, and requires you to pay interest only on the funds that you actually use.
A lump sum that you borrow from a financial institution for a specified period of time. To repay the loan, you pay interest on the entire lump sum, and make payments on a scheduled basis.
A loan facility on a customers account at a financial institution allowing the customer to overdraw up to a certain agreed limit for an agreed period.
A federal Act requiring the reporting of new hires into a national database.
The argument that the difference in personal tax rates between
A secret code that you use to access your bank account at a bank machine or at a point of sale (POS) terminal. You may also have a PIN for banking by telephone.
REIT (real estate investment trust)
Real estate investment trust, which is similar to a closed-end mutual
A closed-end fund that has a fixed termination or maturity date.
Organization usually combined with a commercial bank, which is engaged as a trustee for individuals or businesses in the administration of trust funds, estates, custodial arrangements, stock transfer and registration, and other related services.
Agreement between trustee and borrower setting out terms of bond.
Receipt for goods that are to be held in trust for the lender.
Unit investment trust
Money invested in a portfolio whose composition is fixed for the life of the fund.
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