collateral agreement
A collateral agreement transfers all or some of the rights of the owner of personal property (including a life insurance policy) to another party (the assignee) as security for the repayment of an indebtedness.
collateral agreement
A collateral agreement transfers all or some of the rights of the owner of personal property (including a life insurance policy) to another party (the assignee) as security for the repayment of an indebtedness.
Additional Information
Once the debt is repaid, the assigned property rights usually revert back to the assignor (the original property owner).
