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Simple English definitions for legal terms
inheritable security
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A quick definition of inheritable security:
Inheritable security refers to a type of security that can be passed down from one generation to another. Security, in general, means something that provides protection or assurance against danger or loss. In the financial context, security refers to collateral given to guarantee the repayment of a debt or an investment instrument that represents ownership or creditor rights in a company or government. Securities have no intrinsic value but derive their worth from the financial condition or prospects of the issuer and the market demand for them.
A more thorough explanation:
Inheritable security is a type of security that can be passed down from one generation to another. It is also known as heritable security.
Security refers to collateral given or pledged to guarantee the fulfillment of an obligation. For example, when you take out a loan, you may need to provide collateral such as your house or car to ensure that you will repay the loan. This collateral is a form of security.
Another example of security is an instrument that shows ownership rights in a company, such as a stock or bond. These securities represent an investment in the company and can be bought and sold on the stock market.
Inheritable security means that the security can be passed down to future generations. For example, if your parents leave you stocks in their will, those stocks are an inheritable security.
Overall, inheritable security is a type of collateral or investment that can be passed down from one generation to another.