ACCOUNTING TERMS - ACCOUNTING DICTIONARY - ACCOUNTING GLOSSARY
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DRAFT, in import / export, is a contract between buyer and seller that the buyer will pay a certain amount of money, within a specified period of time, for the goods purchased.
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MORTGAGE BOND is a bond in which the issuer has granted the bondholders a lien against the pledged assets.
GRANDFATHERED INVESTMENTS are Municipal bonds and equities acquired on or before August 7,1986, the effective date of changes in tax rates caused by the Tax Reform Act of 1986. These investments are not subject to the 5.1 % property-casualty insurance company proration tax.