SECURITY (Lat. secure, 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, etc. 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.
Note - this article incorporates content from Encyclopaedia Britannica, Eleventh Edition, (1910-1911)