Chattel given as security for a debt. It may be delivered to the creditor or remain in the hands of the debtor.
A way of enforcing a principal or main agreement, this is a distinct obligation or responsibility that is added to a contract. The aim of collateral security is to ensure that a contract is adhered to.Collateral security may include transfer of assets, contracts, or real property in order to ensure that those signing the contract are highly motivated to keep the contract intact.
An additional security, for the better safety of a mortgagee, i.e. a chattel mortgage.
Any property or money pledged or given to guarantee bail.