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[Latin, one that is equal, from par equal]
: the face amount of an instrument of value (as a check or note): as
a : the monetary value assigned to each share of stock in the charter of a corporation
b : the principal of a bond
adj : participating
Source: Merriam-Webster's Dictionary of Law ©1996. Merriam-Webster, Incorporated. Published under license with Merriam-Webster, Incorporated.