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English definition of “collateral”

collateral

noun [U]    /kəˈlæt̬·ər·əl/
valuable property owned by someone who wants to borrow money, which the person agrees will become the property of the lender (= person or business that lends money) if the debt is not paid back: She put up her house as collateral for the loan.
(Definition of collateral noun from the Cambridge Academic Content Dictionary © Cambridge University Press)
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