Asset backed security definitions

Asset-backed security

An asset-backed security (ABS) is a security whose income payments and hence value is derived from and collateralized (or `backed`) by a specified pool of underlying assets. The pool of assets is typically a group of small and illiquid assets which are unable to be sold individually. Pooling the assets into financial instruments allows them to b.....
Found on http://en.wikipedia.org/wiki/Asset-backed_security

Asset-backed security

A security that is collateralized by loans, leases, receivables, or installment contracts on personal property, not real estate.
Found on http://www.duke.edu/~charvey/Classes/wpg/bfglosa.htm