Sec. 451.49. Certificate of deposit

Latest version.

(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 specified 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.

                    
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