Sec. 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.