\Debenture stock\ (Finance)
The debt or series of debts, collectively, represented by a
series of debentures; a debt secured by a trust deed of
property for the benefit of the holders of shares in the debt
or of a series of debentures. By the terms of much debenture
stock the holders are not entitled to demand payment until
the winding up of the company or default in payment; in the
winding up of the company or default in payment; in the case
of railway debentures, they cannot demand payment of the
principal, and the debtor company cannot redeem the stock,
except by authority of an act of Parliament. [Eng.]