SECURITY (

See also:

• LAT

Lat. securus,

See also:

• FREE

free from care, safe)  , in general, the condition of being secure . In law, a security is a document evidencing the right to money, goods or other property, e.g. stocks, shares, bills of exchange, mortgages, &c . A security is termed collateral when it is given merely as a guarantee for the repayment of money; personal, when it gives a right of action against a person for the recovery of money . A convertible security is one which can be readily converted into money (e.g. consols), as contrasted with land or buildings, sometimes termed " dead " security . A person who holds himself responsible for the fulfilment of another's obligations or goes surety for him is called a security .