ACCOUNTING TERMS - ACCOUNTING DICTIONARY - ACCOUNTING GLOSSARY
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LOAN STOCK Definition
LOAN STOCK is stock bearing a fixed rate of interest. Unlike a debenture, loan stock may or may not be secured.
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SMA see SPECIAL MEMORANDUM ACCOUNT.
UNDERWATER, in securities, is securities held in a portfolio with an unrealized market loss. Selling them would mean realizing the loss and, according to statutory accounting, a reduction in policyholders' surplus.