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Simple English definitions for legal terms

car trust certificate

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A quick definition of car trust certificate:

Term: Car Trust Certificate

Definition: A car trust certificate is a type of security that is typically issued by a railroad company to finance the purchase of new equipment. The certificate is held by a trustee until the note has been paid off, and during this time, the title to the equipment is also held by the trustee. Essentially, it is a way for a company to borrow money to buy equipment while using that equipment as collateral.

A more thorough explanation:

Definition: A car trust certificate, also known as an equipment trust certificate, is a type of security that is typically issued by a railroad company to finance the purchase of new equipment. The certificate represents a debt obligation and is backed by the equipment itself. The title to the equipment is held by a trustee until the certificate has been fully paid off.

Example: For example, if a railroad company needs to purchase new locomotives, it may issue car trust certificates to investors to raise the necessary funds. The investors would then receive regular interest payments until the certificate matures and the principal is repaid.

Explanation: The example illustrates how a car trust certificate works in practice. The railroad company is able to finance the purchase of new equipment without having to use its own capital, while investors are able to earn a return on their investment. The equipment itself serves as collateral for the certificate, providing security for investors in case the railroad company defaults on its payments.

carte blanche | cartulary

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medicine is a scam
join the ethically ambiguous legal field instead
Dkk
18:57
I want to meet an attorney that defends clients who run into flat earth problems. I want an attorney that knows and believes in flat earth theory.
19:05
i want a flat earther for president. i want a guy who posts on 4chan for president. i want someone who mogs for president.
Dkk
19:18
Exactly. My version of that awful poem.
Dkk
19:19
I can accept a president with maybe one or two of the poems traits hut good God, all of them??? No ty.
windyMagician
19:20
president who respects sex is crazy
windyMagician
19:20
we had bill clinton already
Dkk
19:21
Bill Clinton, first and last black president
windyMagician
19:23
I want to go running but my leg feels weird
windyMagician
19:23
it doesn't hurt its just tingly
Dkk
19:26
It needs more alcohol. You tingle when your nerves need watering.
19:27
try stretching it maybe to see what's up
windyMagician
19:27
stretches make me think it's just soreness
windyMagician
19:27
I'm sober lol
Dkk
19:38
Anyone else get the google notification that your LSD password has been compromised lol. LSD got hacked.
20:48
what.jpg @Dkk
CynicalOops
21:03
You think you just fell out of a coconut tree?
jackfrost11770
21:10
nope dk
CynicalOops
22:37
Calvinamala Harris
jackfrost11770
23:16
should i start using letterboxed again
Dkk
23:25
@jackfrost11770: if you want but like it aint for me
dk do u ever eat at bk
Dkk
23:48
@chickenburgahfart: I would do that in the Army if really desperate for food or if I had to work through lunch. One of the few fast food places I go to.
bk so slept on
Dkk
0:23
I will take In N Out everyday over it when I can though.
texaslawhopefully
1:22
In N Out is not only the best fast food place, but the prices too are fantastic
Dkk
1:27
Indeed, indeed.
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