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What does collateral mean?

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collateral
Noun

A specific asset or group of assets (personal or real property) that has been pledged or title to which has been assigned by a debtor (borrower, issuer) to secure the satisfaction of an obligation, typically when the obligation is repaid.

Synonym(s): 
  • real security.
Comment: 
Collateral is a mass word and incorrectly used in the plural form.
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