What is the definition of Purpose loan? | Dictionary.net

PURPOSE LOAN

\pˈɜːpəs lˈə͡ʊn], \pˈɜːpəs lˈə‍ʊn], \p_ˈɜː_p_ə_s l_ˈəʊ_n]\

Definitions of PURPOSE LOAN

1910 - Black's Law Dictionary (2nd edition)

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A loan whose collateral is securites that has to follow margin rules. The returns are used to purchase other securities. AKA margin loan. Refer to nonpurpose loan.

1910 - Black's Law Dictionary (2nd edition)
By Henry Campbell Black

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