collateral promise

collateral promise
collateral promise see promise

Merriam-Webster’s Dictionary of Law. . 1996.

Look at other dictionaries:

  • collateral promise to answer for the debt of another — An undertaking which renders the promisor a guarantor or surety upon a debt owing by a third person who is primarily liable; a promise to pay the debt of another person made under such circumstances that, as between the debtor and the promisor,… …   Ballentine's law dictionary

  • promise — prom·ise n: a declaration or manifestation esp. in a contract of an intention to act or refrain from acting in a specified way that gives the party to whom it is made a right to expect its fulfillment aleatory promise: a promise (as to compensate …   Law dictionary

  • collateral — col·lat·er·al 1 /kə la tə rəl, la trəl/ adj 1 a: accompanying as a secondary fact, activity, or agency but subordinate to a main consideration b: not directly relevant or material a collateral evidentiary matter a collateral issue 2: belonging to …   Law dictionary

  • collateral — /kalaetsral/ Property which is pledged as security for the satisfaction of a debt. Collateral is additional security for performance of principal obligation, or that which is by the side, and not in direct line. Shaffer v. Davidson, Wyo., 445… …   Black's law dictionary

  • collateral — /kalaetsral/ Property which is pledged as security for the satisfaction of a debt. Collateral is additional security for performance of principal obligation, or that which is by the side, and not in direct line. Shaffer v. Davidson, Wyo., 445… …   Black's law dictionary

  • collateral — 1 noun (U) technical property or other goods that you promise to give someone if you cannot pay back the money they lent you; security (4): put sth up as collateral (=promise it in this way) 2 adjective formal 1 connected with something or… …   Longman dictionary of contemporary English

  • promise — A declaration which binds the person who makes it, either in honor, conscience, or law, to do or forbear a certain specific act, and which gives to the person to whom made a right to expect or claim the performance of some particular thing. A… …   Black's law dictionary

  • collateral undertaking — See collateral contract; collateral promise to answer for the debt of another …   Ballentine's law dictionary

  • collateral — [adj] indirect, secondary accessory, accompanying, added, adjunctive, adjuvant, ancillary, appurtenant, attendant, auxiliary, circuitous, coincident, complementary, concomitant, concurrent, confirmatory, coordinate, corresponding, corroborative,… …   New thesaurus

  • collateral — col|lat|e|ral1 [kəˈlætərəl] n [U] property or other goods that you promise to give someone if you cannot pay back the money they lend you = ↑security ▪ People put up their homes as collateral in order to raise the money to invest in the scheme.… …   Dictionary of contemporary English

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