A document evidencing a promise to pay
by a corporation, sometimes including a
mortgage over real property of the
corporation as security for the performance
of that promise.
A debenture may affect specific real
property as well as chattels by way of a
fixed and itemized mortgage on specified
property and assets, or it may be more
general and contain a floating mortgage on
property and assets that are not subject to
a fixed mortgage. A debenture with respect
to a fixed mortgage on specific real
property is usually registered against the
land. A debenture can be registered as an
instrument on its own, similar to a
mortgage, or it can be registered by caveat
(caution). Registration procedures will vary
by provincial jurisdiction.
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