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Simple English definitions for legal terms

face-amount certificate

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A quick definition of face-amount certificate:

A face-amount certificate is a type of investment that promises to pay a certain amount of money at a specific date in the future. There are two types of face-amount certificates: installment type, which requires periodic payments, and fully paid, which requires a single lump sum payment. It is like a special piece of paper that shows you own a part of a company or a fund, and you will get your money back plus more after a certain amount of time. Another type of investment similar to this is a periodic-payment-plan certificate, which also requires periodic payments and represents an interest in certain securities or funds.

A more thorough explanation:

A face-amount certificate is a type of security that represents an obligation by its issuer to pay a stated or determinable sum at a fixed or determinable date or dates. There are two types of face-amount certificates:

  1. Installment type: This type of certificate requires the payment of periodic installments of a stated or determinable amount over a period of more than 24 months after the date of issuance.
  2. Fully paid: This type of certificate requires a single lump sum payment in exchange for the issuer's obligation to pay a stated or determinable sum at a fixed or determinable date or dates.

For example, if an investor purchases a face-amount certificate for $10,000 with a maturity date of five years from the date of issuance, the issuer is obligated to pay the investor $10,000 at the end of the five-year period. The investor may have paid for the certificate in a lump sum or through periodic installments.

Another type of security related to face-amount certificates is a periodic-payment-plan certificate. This type of security provides for a series of periodic payments by the holder and represents an undivided interest in certain specified securities or in a unit or fund of securities purchased wholly or partly with the proceeds of those payments. The holder of this security has substantially the same rights and privileges as those holders of face-amount certificates upon completing the periodic payments for which the securities provide.

For example, an investor may purchase a periodic-payment-plan certificate that requires monthly payments of $100 for five years. At the end of the five-year period, the investor will have an undivided interest in a unit or fund of securities purchased with the proceeds of those payments.

FACE | face-amount certificate company

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BulbasaurNoLikeCardio
18:23
Ill just keep arguing for more money off until I get it or they end up paying me to take it lmao
18:24
what other guns ya got
are we losing hope for gtown lol
yeah i dont think gtown does A's this late unfortunately
18:25
it is like 630 on a friday there bud
18:25
think it is safe to say it aint happenin today\
damn it was a slow day today
BulbasaurNoLikeCardio
18:26
I got a custom built Leftie ar15 I run suppressed, a regular ar15, a .270 axis savage bolt gun, xd9, xd40 and have my AR10 I run suppressed.
BulbasaurNoLikeCardio
18:26
I do not think we will see a wave until after thanksgiving. Adcoms will be nice and not ruin someones thanksgiving with an R
18:28
ruin my thanksgiving law schools uwu
PerpetualCheerfulBeaver
18:53
I really thought a texas schools wave was going to hit today...guess it will be December 1
7Rings
19:00
No news is good news 😜
PerpetualCheerfulBeaver
19:10
the mentality im embracing
ClassyPleasantHeron
19:23
You will see some A waves next week, just before Thanksgiving. Schools like to give people things to talk about over the holidays.
19:26
my predict monday berk from earlier td
snow
19:33
Oregon decision rendered…
snow
19:33
Bro why don’t they just tell me lol
damn ive been under review for a month and no movement, when did u apply snow?
snow
19:39
The day apps opened. I still don’t know what the decision is tho lol
Dang. Crossing my fingers for you!!
snow
19:41
Thank you!!
shaquilleoatmeal
19:44
Snow dude wtf you been
snow
19:46
Working! I was prepping for a trial but it got reset!
snow
19:47
Have you don your gulc interview?
JumpySubsequentDolphin
19:47
@snow: snow!!!! I’m in Oregon should I break into admissions office and demand your decision be sent
shaquilleoatmeal
19:49
Better to be prepared than not, otherwise it always happens when you don’t prep
shaquilleoatmeal
19:50
Yea did it a week and half ago, told us we won’t hear anything until end of December if we’re lucky, most likely first week of jan
shaquilleoatmeal
19:50
Said no one works after Monday this week and no one works week of Christmas
shaquilleoatmeal
19:50
So holiday takes time away from app review
snow
19:54
True @shaq and do it jumpy!!
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