two-name paper

two-name paper

n
(Banking & Finance) finance US a commercial paper signed by two persons both of whom accept full liability
References in periodicals archive ?
52-53) explained why two-name paper was essential for making banking "a very safe and easy business":
322-23) calculated that the ratio of two-name paper to total loans and discounts fell from 50 percent in 1886 for New York banks to 20 percent in 1900, with the proportion of single-name paper rising from 10 to 20 percent.
With the decline in two-name paper, collateralized loans were of increasing importance in the nineteenth century, as collateral provided an alternative to the guarantee of an endorser.