Business, Legal & Accounting Glossary
Collateral security is extra security provided by a borrower to back up his/her intention to repay a loan.
Such security is likely to be documentation (deeds) giving right of title to the property, which the lender may take over and sell to repay the loan if the borrower does not keep up the mortgage payments.
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This glossary post was last updated: 15th February, 2020 | 64 Views.