Security - Indian Laws - General

Security Words Phrases (Permanent Edition) Vol 38, at pages 469-71) defines security as under :- SECURITY is something which makes the enjoyment or enforcement of a right more secure or certain; that which secures and makes safe. Security is something which makes the enjoyment or enforcement of a right more secure or certain. A security on property is where a right over a property exists by virtue of which enforcement or liability or promise is facilitated or made more certain. The term security has no exactly defined legal definition. Generically the words has reference to written instruments, usually for the payment be money or evidences of a debt and being more than a mere promise of the debtor of a general liability on his part but having as collateral to it a place of property or some additional obligation Corpus Jurisdiction Secundum (Vol. 79, page 941) defines security in two senses. To quote : THE word security may be used in two senses. In one sense it means protection; the state or condition of being secure; certainty; guarantee; safety. In its other sense the word security means. the instrument of protection or security; c. .........The word security is also defined as meaning a person who becomes the surety for another or who engages himself for the performance of another s contract; one who becomes responsible for the obligation of another; a surety ; and it may be used in the sense of surety, i.e. a bond with surety or sureties. BLACK S Law Dictionary, 6th Edn. defines security as Protection; assurance; indemnification. The term is usually applied to an obligation, pledge, mortgage, deposit, lien, etc. given by a debtor in order to assure the payment or performance of his debt, by furnishing the creditor with a resource to be used in case of failure in the principal obligation. Collateral given by debtor to secure loan. Document that indicates evidence of indebtedness. The name is also sometimes given to one who becomes surety or guarantor for another. STANDARD CHARTERED BANK VERSUS M.S. HANDA AND ORS. - 1994 (9) TMI 358 - DELHI HIGH COURT