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Stop Payment Order. Revocation of a check; a notice made by a depositor to his or her bank directing the bank to refuse payment on a specific check drawn by the depositor. An individual who writes a check can revoke it unless it has been certified, accepted, or paid. If a bank pays a check after a timely stop payment order by the depositor, the bank is usually liable to the depositor for the amount paid.
A stop order, sometimes called a stop-loss order, is used to limit losses; it instructs the broker to execute a trade when a stock reaches a price beyond which the investor is unwilling to sustain losses. For buy orders, this means buying as soon as the price climbs above the stop price. For sell orders, this means selling as soon as the price drops below the stop price. This comparison uses stocks in the definitions and examples because that is the most common scenario for individual investors. However, stop and limit orders can be placed for all kinds of securities, including options and futures.