N.Y. Comp. Codes R. & Regs. Tit. 10 § 441.59 - Certificate of deposit
(a) A formal
instrument, frequently negotiable or transferable, issued by a bank as evidence
of indebtedness and arising from a deposit of cash subject to withdrawal under
the specific terms of the instrument:
(1)
demand certificates, payable upon presentation, seldom bearing interest;
(2) time certificates, payable at a
fixed or determinable future date, usually bearing interest at a specific
rate.
(b) A formal
certificate, usually printed or engraved, ordinarily negotiable or transferable,
and issued by a depository or agent against the deposit of bonds or stock of a
corporation under the terms of a reorganization plan or other
agreement.
Notes
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