A borrower’s pledge of a security or guarantee, usually an asset such as property, for the repayment of a loan if the borrower fails to repay the loan in full. The collateral serves as protection for a lender against a borrower’s risk of default. If a borrower does default on a loan due to insolvency or other event that borrower forfeits the property pledged as collateral and the lender then becomes the owner of the collateral, which can then be liquidated.« Back to Glossary Index
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