20:59
got a random stanford email and almost had a heart attack
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LSDefine
Simple English definitions for legal terms
landed security
Read a random definition: pass-on defense
A quick definition of landed security:
Landed security is a type of guarantee that someone gives to make sure they will pay back money they borrowed. It can be something valuable like a house or land. It can also be a promise from someone else to pay back the money if the borrower can't. A security can also be a piece of paper that shows someone owns part of a company or government and can make money from it. Securities don't have value on their own, but they represent something else that does have value.
A more thorough explanation:
Definition: Landed security is a type of collateral that is given to guarantee the fulfillment of an obligation. It is an assurance that a creditor will be repaid any money or credit extended to a debtor.
For example, if someone takes out a loan to buy a house, the house itself can be used as landed security. If the borrower fails to repay the loan, the lender can take possession of the house to recover their money.
Landed security can also refer to a person who acts as a guarantor for someone else's debt. This person is known as a surety.
Overall, landed security provides a way for lenders to protect themselves from the risk of borrowers defaulting on their loans.