Other Free Encyclopedias » Law Library - American Law and Legal Information » Free Legal Encyclopedia: Secretary to SHAs

Security

creditor debtor

Protection; assurance; indemnification.

The term security is usually applied to a deposit, lien, or mortgage voluntarily given by a debtor to a creditor to guarantee payment of a debt. Security furnishes the creditor with a resource to be sold or possessed in case of the debtor's failure to meet his or her financial obligation. In addition, a person who becomes a surety for another is sometimes referred to as a "security."

A sample security agreement

Security Deposit [next]

User Comments

Your email address will be altered so spam harvesting bots can't read it easily.
Hide my email completely instead?

Cancel or