Simple English definitions for legal terms
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Term: SOLD NOTE
Definition: A sold note is a confirmation slip that shows that something has been sold. It is like a receipt that proves that the sale has taken place.
Definition: A sold note is a confirmation slip that acknowledges the sale of a security or investment. It is also known as a note or confirmation slip.
Example: When an investor buys shares of a company, the broker will send a sold note to confirm the transaction. The sold note will include details such as the number of shares purchased, the price paid, and the date of the transaction.
Explanation: The example illustrates how a sold note is used to confirm the purchase of a security. The note provides important information about the transaction, which can be used for record-keeping and tax purposes. It also serves as proof of ownership for the investor.