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memorandum of deposit

From Longman Business Dictionarymemorandum of depositmemoˌrandum of deˈposit noun (plural memoranda of deposit or memorandums of deposit) [countable]LAWFINANCE a document showing an agreement with a bank when shares and other investments are left as SECURITY for a loan. It gives details about the bank’s right to these investments if the loan is not repaidThe shares were subject to a memorandum of deposit in favor of the bank, which had effective control of them.
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