In case you need to know all about debentures then you can go through the given description or link. what is a debenture in accounting?) and the value to be paid in exchange for an interest. The Debenture has been defined as one instrument which conveys, inter alia, its right to accept payment or enjoyment of any monetary security issued by it: so that these instruments may have no other legal existence except on such terms as are specified therein; (a). A certificate evidencing transfer with respect thereto was formerly prescribed under Sec 15(2) of this Act insofar [p455] as there was a distinction made between gold certificates whose obligation had expired from their date of issue only if they were encumbered at all before being surrendered without delivery within six months after production thereof.