Legal Definition - Collateral Security, Warranty



COLLATERAL SECURITY

A separate obligation attached to another contract to guaranty its performance. By this term is also meant the transfer of property or of other contracts to insure the performance of a principal engagement. The property or securities thus conveyed are also called collateral securities.

COLLATERAL WARRANTY

Contracts, Descent. Where the heir's title to the land neither was, nor could have been, derived from the warranting ancestor and yet barred the heir from ever claiming the land, and also imposed upon him the same obligation of giving the warrantee other lands in case of eviction as if the warranty were lineal, provided the heir had assets.

The doctrine of collateral warranty was one of the most unjust, oppressive and indefensible in the whole range of the common law.

By the statute of 4 & 5 Anne, c.16, 21, all collateral warranties of any land to be made after a certain day by any ancestor who has no estate of inheritance in possession in the same, were made void against the heir.

--b--

Google+


More To Explore