CERTIFICATE OF INDEBTEDNESS, a term used in the United States to describe a short-term note representing floating indebtedness. Corporations frequently borrow large sums for short periods, and as evidence of the debt give the lenders these certificates of indebtedness in various denominations. Where the issuer fails to pay the certificates at maturity, they are regarded as unsecured promissory notes, and the holders have the recourse of general creditors. The U.S. Treasury issues cer tificates of indebtedness, known as Treasury certificates, to obtain temporary funds, pending the receipt of tax payments.