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Equipment trust certificate

• Is a security which is collateralized by specific equipment, often capital in nature. The title is held in trust until the obligation is satisfied. However, the borrower is permitted to use the item provided there are no defaults precluding usage. This security operates in a manner similar to a mortgage or hypothecation agreement.

• Certificates issued by a trust that was formed to purchase an asset and lease it to a lessee. When the last of the certificates has been repaid, title of ownership of the asset reverts to the lessee.

 
 Embedded terms in definition
 Asset
Capital
Held
Lease
Lessee
Mortgage
Purchase
Security
Title
 
 Related Terms
 

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