Payable Through Drafts: A method of making payment that is used to maintain control over payments made on behalf of the firm by personnel in noncentral locations. The payer's bank delivers the payable through draft to the payer, which must approve it and return it to the bank before payment can be received.

 

Related Words

Payable Through Drafts: A method of making payment that is used to maintain control over payments made on behalf of the firm by personnel in noncentral locations. The payer's bank delivers the payable through draft . . . View Full Definition

Pass-Throughs: Payments on securities sold in the secondary market that are sent directly to investors.

Payable-On-Death: A bank account titled payable-on-death (POD) lets you name one or more beneficiaries to whom the assets are paid when you die. POD accounts can be useful estate planning tools in the states . . . View Full Definition

Payables: Related: Accounts payable

Pass-Through Security: When a corporation or government agency buys loans from lenders to pool and package as securities for resale to investors, the products may be pass-through securities. That means regular pay . . . View Full Definition

Pass-Through Securities: A pool of fixed income securities backed by a package of assets (i.e., mortgages) where the holder receives the principal and interest payments. Related: Mortgage pass-through security

Mortgage Payable: A written promise to pay a stated amount of money at one or more specified future dates: a mortgage is secured by the pledging of certain assets, usually real estate, as collateral.

Note Payable: A debt owed to a creditor, evidenced by an unconditional written promise to pay a certain sum of money on or before a specified future date.

Pass-Through Coupon Rate: The interest rate paid on a securitized pool of assets, which is less than the rate paid on the underlying loans by an amount equal to the servicing and guaranteeing fees.

Pass-Through Rate: The net interest rate passed through to investors after deducting servicing, management, and guarantee fees from the gross mortgage coupon.