The Law Dictionary

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SECURITY Definition & Legal Meaning

Definition & Citations:

Protection; assurance; Indemnification. The term is usually applied to an obligation, pledge, mortgage, deposit, lien, etc., given by a debtor in order to make sure the payment or performance of his debt, by furnishing the creditor with a resource to be used in case of failure in the principal obligation. The name is also sometimes given to one who becomes surety or guarantor for another. See First Nat. Bank v. Hollingsworth, 78 Iowa, 575, 43 N. W. 536, 6 L. B. A. 92; Storm v. Waddell. 2 Sandf. Ch. (N. Y.) 507; Goggins v. Jones, 115 Ga. 596, 41 S. E. 995; Jennings v. Davis, 31 Conn. 139; Mace v. Buchanan (Tenn. Ch.) 52 S. W. 507.


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