Outrageously Funny Word Dictionary :: Collateralness

👉 Collateralness is a legal concept in contract law that refers to the fact that a party may be held responsible for the debts of another party if the other party fails to perform their obligations under a contract. Essentially, it means that if one party owes money to another, and the other party fails to pay back the debt, the creditor (the person who is holding collateral) could potentially seek to recover the amount owed from the other party. Collateral can be any form of property, such as

collateralness