An account that has two or more owners who possess some form of control over the account and these individuals may transact business in the account. See also joint tenants.
Joint Tenants (JT)
A type of account with two owners. There are two types of joint tenant accounts: 1) Joint Tenants With Rights of Survivorship - in the event of the death of one party, the survivor receives total ownership of the account and 2) Joint Tenants in Common - in the event of the death of one party, the survivor receives a fractional interest of the account, the remaining fractional interest goes to the deceased party's estate.
Junk Bond (High-Yield Bond)
A bond with a credit rating of BB or lower, carrying higher risk of default than investment grade bonds.