Debenture Stock

A stock or fund representing money borrowed by a company or public body, in England, and charged on the whole or part of its property. It differs from debentures chiefly in these respects: The title of each original holder appears in a register, instead of being represented by an instrument complete in itself; and the stock is capable of being transferred in any amounts, unless the regulations of the company, etc., forbid the transfer of amounts or fractions less than £ 10, or the like. Provision is sometimes made for issuing to each holder a certificate representing the amount of his stock, transferable by delivery, so as to entitle the bearer for the time being to the stock in question. Such certificates generally have coupons for interest attached to them, and, while they are outstanding, the stock ceases to be transferable on the register. relating to debenture stock are the company clauses acts of 1845 and 1863, the commissioners clauses act of 1847, and the local loans act of 1875. Debenture stock issued under these acts is not within the mortmain or charitable uses act. 9 Ch. Div, 337.

An issue of stock usually irredeemable and transferable in any amount, not including a fraction of a pound. The terminability and fixity in amount of debentures being inconvenient to lenders has led to their being in many cases superseded by debenture stock. Whart. Lex. The issue of debenture stock is not borrowing at all; it is the sale, in consideration of a sum of money, of the right to receive a perpetual annuity; 9 Ch. D. 337; Buckley, Companies Acts 172; and none the less so if redeemable at the option of the company, id. DEBET ET DETINET (Lat he owes and withholds). An action of debt is said to be in the debet et detinet when it is alleged that the defendant owes and unjustly withholds or detains the debt or thing in question. The action is so brought between the contracting parties. See Detinet. DEBET ET SOLET (Lat. he owes and is used to). Where a man sues in a writ of right or to recover any right of which he is for the first time disseised, as of a suit at a mill or in case of a writ of quod permittat, he brings his writ in the debet et solet. Reg. without declaration filed). Used in relation to a confession of judgment.

Astock or fund representing money borrowed by a company or public body, in England, and charged on the whole or part of its property. Debet esse finis litium. There ought to bean end of suits; there should be some period put to litigation. Jenk. Cent. 61.