generic term for shares of stock, bonds and debentures issued by corporations and
governments to evidence ownership and terms of payment of dividends or final pay-off.
They are called securities because the assets and/or the profits of the corporation
or the credit of the government stand as security for payment. However, unlike secured
transactions in which specific property is pledged, securities are only as good
as the future profitability of the corporation or the management of the governmental
agency. Most securities are traded on various stock or bond markets.
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