collateral

/kalaetsral/ Property which is pledged as security for the satisfaction of a debt. Collateral is additional security for performance of principal obligation, or that which is by the side, and not in direct line. Shaffer v. Davidson, Wyo., 445 P.2d 13, 16.

Property subject to a security interest; includes accounts, contract rights, and chattel paper which have been sold. U.C.C. No. 9-105(c).

See also collateral security

collateral, adj

By the side; at the side; attached upon the side. Not lineal, but upon a parallel or diverging line. Additional or auxiliary; supplementary; co-operating; accompanying as a secondary fact, or acting as a secondary agent. Related to, complementary; accompanying as a co-ordinate.

As to collateral consanguinity

- collateral descent

- collateral estoppel

- collateral guaranty

- collateral issues

- collateral limitation

- collateral negligence

- collateral powers

- collateral proceeding; and collateral warranty, see those titles.

See also pledge

- security

@ collateral act

Formerly, name given to any act (except the payment of money) for the performance of which a bond, recognizance, etc., was given as security

@ collateral actions

Any action which is subsidiary to another action.

See collateral attack

@ collateral ancestors

A phrase sometimes used to designate uncles and aunts, and other collateral ancestors, who are not strictly ancestors

@ collateral assignment

Assignment of property as collateral security for loans

@ collateral assurance

That which is made over and above the principal assurance or deed itself

@ collateral attack

With respect to a judicial proceeding, an attempt to avoid, defeat, or evade it, or deny its force and effect, in some incidental proceeding not provided by law for the express purpose of attacking it. May v. Casker, 188 Okl. 448, 110 P.2d 287, 289.

An attack on a judgment in any manner other than by action or proceeding, whose very purpose is to impeach or overturn the judgment; or, stated affirmatively, a collateral attack on a judgment is an attack made by or in an action or proceeding that has an independent purpose other than impeaching or overturning the judgment. Travis v. Travis' Estate, 79 Wyo. 329, 334 P.2d 508, 510

Compare direct attack

@ collateral consanguinity

Persons are related collaterally when they have a common ancestor.

See also collateral heir

@ collateral contract

A contract made prior to or contemporaneous with another contract and if oral and not inconsistent with written contract is admissible within exception to parol evidence rule. High Knobb Inc. v. Allen, 205 Va. 503, 138 S.E.2d 49

@ collateral covenant

A covenant in a deed or other sealed instrument which does not pertain to the granted premises

@ collateral facts

Such as are outside the controversy, or are not directly connected with the principal matter or issue in dispute

@ collateral fraud

See fraud

@ collateral heir

One who is not of the direct line of deceased, but comes from a collateral line, as a brother, sister, an uncle, an aunt, a nephew, a niece, or a cousin of deceased. Ferraro v. Augustine, 45 Ill.App.2d 295, 196 N.E.2d 16, 19

+ heir collateral

One who is not lineally related to the decedent, but is of collateral kin; e.g., his uncle, cousin, brother, nephew

See also heir

@ collateral impeachment

See collateral attack

@ collateral issues

@ collateral issue

Question or issues which are not directly involved in the matter

@ collateral kinsmen

Those who descend from one and the same common ancestor, but not from one another

@ collateral matter

A "matter" is "collateral" to the principal issues being tried and therefore unavailable to purposes of impeachment if the matter, as to which error is predicated, could not have been shown in evidence for any purpose independently of the contradiction. State v. Oswalt, 62 Wash.2d 118, 381 P.2d 617, 618

@ collateral mortgage

A mortgage designed, not directly to secure an existing debt, but to secure a mortgage note pledged as collateral security for debt or succession of debts. McLendon v. Brewster, La.App., 286 So.2d 513, 516

@ collateral order doctrine

Doctrine which allows appeal from an interlocutory order which conclusively determines issue completely separate from merits of action, and which cannot be given effective review on appeal from subsequent final judgment; such order is, for purposes of appellate jurisdiction, a "final order." Clemence v. Clemence, 8 Kan.App.2d 377, 658 P.2d 368

@ collateral promise

A promise ancillary or superadded to the primary (principal) promise of another; the other remaining primarily liable. One in which the promisor is merely acting as surety; the promisor receives no benefit by way of promise and the original debtor remains liable on the debt. A collateral promise is within the statute of frauds and must be in writing. Dolin v. Colonial Meadows, Ltd., D.C.W.V., 635 F.Supp. 786, 788

@ collateral relatives

Next of kin who are not in the direct line of inheritance, such as a cousin.

See also collateral heir

@ collateral security

A security given in addition to the direct security, and subordinate to it, intended to guaranty its validity or convertibility or insure its performance; so that, if the direct security fails, the creditor may fall back upon the collateral security. Concurrent security for another debt, whether antecedent or newly created and is subsidiary to the principal debt running parallel with and collateral to the debt. Shaffer v. Davidson, Wyo., 445 P.2d 13, 16

+ collateral security

Property which has been pledged or mortgaged to secure a loan or a sale.

@ collateral source rule

Under this rule, if an injured person receives compensation for his injuries from a source wholly independent of the tort-feasor, the payment should not be deducted from the damages which he would otherwise collect from the tort-feasor. Kirtland & Packard v. Superior Court for County of Los Angeles, 59 Cal.App.3d 140, 131 Cal.Rptr. 418, 421.

In other words, a defendant tortfeasor may not benefit from the fact that the plaintiff has received money from other sources as a result of the defendant's tort, e.g. sickness and health insurance

@ collateral trust bonds

Bonds of one corporation secured by its holdings of stocks, bonds, and/or notes of another corporation

@ collateral warranty

Generally applicable to real estate transactions in which a stranger warrants title and hence his warranty runs only to the covenantee, and not with the land

@