Certificate Of Indebtedness

An agreement to repay a debt. A promise to pay. An IOU. An official statement that “you owe me."

The definition is most typically used within the government sector to describe a short-term debt obligation, issued by the government, carrying with it a fixed rate of interest. The term can also be used to describe similar short-term debt issued by for-profit companies. Unlike some other forms of borrowing, there is no security backing up the debt obligation. So, if the borrower does not pay, all the creditor has left is the certificate. They don't really have any recourse to collect, except maybe to nag and complain.