Collateral in United Kingdom

Definition of Collateral

In accordance with the work A Dictionary of Law, this is a description of Collateral : 1. adj. Describing the relationship between people who share a common ancestor but are descended from him through different lines of descent.

See also consanguinity.

2. adj. Ancillary; subordinate but connected to the main subject, etc.

3. n.

Security that is additional to the main security for a debt (or an advantage to the mortgagee that is additional to the payment of interest). For example, a lender may require as collateral the assignment of an insurance policy in addition to the principal security of a mortgage on the borrower’s home.