A receipt for collateral form is a document that acknowledges the receipt of collateral by a secured party against a sanctioned loan. The party assures to secure the collateral till the loan is repaid. In case, the borrower fails to repay the loan, the collateral might be disposed of in order to satisfy the obligation. This written document holds immense importance and should be well written as it is the essential proof needed when the lender have to return the pledged property after complete repayment of the loan. This receipt of collateral held the complete security of the secured property. The condition or value of the pledged property is however not acknowledged by the party through this document.
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