Contract. That which renders a matter sure; an instrument which renders certain the performance of a contract. The term is also sometimes applied to designate a person who becomes the surety for another, or who engages himself for the performance of another’s contract.
Law Dictionary – Alternative Legal Definition
Protection; assurance; indemnification. The term is usually applied to an obligation, pledge, mortgage, deposit, lien, etc., given by a debtor in order to make sure the payment or performance of his debt, by furnishing the creditor with a resource to be used in case of failure in th« principal obligation. The name is also sometimes given to one who becomes surety or guarantor for another. (2) Evidences of debt Which bind the person of the debtor, not real property, are distinguished from such as are liens on land by the name of “personal securities.” Merrill v. National Bank, 173 U. S. 131, 19 Sup. Ct. 360, 43 L. Ed. 640. Public securities. Bonds, notes, certificates of indebtedness, and other negotiable or transferable instruments evidencing the public debt of a state or government.!Real security. The security of mortgages or other liens or incumbrances upon land. Security for costs. See Costs. Security for good behavior. A bond or recognizance which the magistrate exacts from a defendant brought before him on a charge of disorderly conduct or threatening violence, conditioned upon his being of good behavior, or keeping the peace, for a prescribed period, towards all people in general and the complainant in particular. Securius expediuntur negotia com missa pluribus, et plus vident oculi quam oculus. 4 Coke, 46a. Matters intrusted to several are more securely dispatched, and eyes see more than eye, [i.e., “two heads are better than one.”]
Law Dictionary – Alternative Legal Definition
Contracts. That which renders a matter sure; an instrument which renders certain the performance of a contract. The term is also sometimes applied to designate a person who becomes the surety for another, or who engages himself for the performance of another’s contract.