A long term bond or note used by governments and corporations and not secured by a mortgage or lien a any specific property. Since there is no specific property the ability to repay the debt is based solely on the financial strength of the issuer.
An unsecured bond whose holder has the claim of a general creditor on all assets of the issuer not pledged specifically to secure other debt. Compare subordinated debenture bond, and collateral trust bonds.
A bond not secured by a specific pledge of property. Assets that are not pledged specifically to secure other debt may be used to satisfy any debenture bondholder's claims. See also: Unsecured Obligation Bond.