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de facto

De facto action is an action taken without strict legal authority to do so, but recognized as legally valid nonetheless. The action is considered something that acquires validity based on the fact of its existence and tradition.  

[Last reviewed in January of 2022 by the Wex Definitions Team]

debenture

Debentures refer essentially to unsecured bonds within the United States. Corporations and governments use debentures as long term funding options, usually for major expansions and projects in the case of corporations. Debentures have set interest rates, payback periods, and regular interest payments as most other bonds do.

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