A party who owes payment or performance of a secured obligation, whether or not he or she actually owns or has any right in the collateral.
Collateral in lending arrangements refers to a borrower's promise of specific property to a lender in order to secure loan repayment.
A lender can confiscate collateral from a borrower if he or she fails to repay a loan according to the agreed terms. A mortgage is a common example. Typically, the bank will request that you offer collateral in the form of your property.
To know more about collateral. follow the link:
https://brainly.com/question/14997152
#SPJ4
