undated security
Undated Security
A debt security with no maturity date. That is, an undated security pays interest in perpetuity. Undated securities are rare outside of a few government securities in the United Kingdom.
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References in periodicals archive
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A pragmatic solution to this is for the contractor to furnish the employer with a signed but undated security cheque, which the employer may cash if it suffers loss on account of a breach by the contractor.
Borrowers are normally made to sign an undated security cheque when securing a loan.
"The second security the bank will insist on is an undated security cheque for an amount the borrower will sign to secure the lending.
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