Collateral Security
A Dictionary of Law · Henry Campbell Black · 1891
A Dictionary of Law
A security given in addition to the direet security, and subordinate to it, intended to guaranty its validity or convertibility or ingure its per- J formance; so that, if the direct security fails, the creditor may fall back upon the collateral security. Collateral security, in bank phraseology, means some security additional to the person. K al obligation of the borrower.
2 Abb. (U. 8.) 423.