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Encyclopedia Britannica



SECURITY (Lat. securus, free from care, safe)

This article appears in Volume V24, Page 574 of the Encyclopedia Britannica.

Encyclopedia Britannica - Main :: SCY-SHA
SECURITY (Lat. securus, 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.


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