joint bond. A bond on which two or more parties are bound, as in certain railroad issues.

Joint mortgage. A mortgage issued jointly by two or more parties.

joint-stock company. A company having its capital stock divided into shares of equal amount.

judgment note. A promissory note bearing a warrant of attorney authorizing the entry of a judgment without process against the maker in case of nonpayment.

Junk. Cats and dogs. [Colloquial.]

kiting. The incurring of a fresh obligation to discharge an old one, as by exchanging checks with a confederate.

knocked down. Sold at the price bid, said of goods auctioned.

land grant bond. A bond issued under a land grant mortgage. land grant mortgage. A mortgage on a grant of land, for the issuance of bonds.

leased line. A railroad held by another subject to a lease.

limited liability. Responsibility of stockholders for company debts only to the amount of stock held; indicated by the word "Limited" in the title.

liquid assets. Assets in cash or readily convertible into cash.

listed stocks. Stocks included in the list of those admitted to dealings at an exchange.

long and short haul clause. A clause in the interstate commerce law prohibiting a greater comparative charge for freight transportation for a short distance, than for a long distance under similar conditions.