The right of a secured party to lend, pledge, sell, assign, invest, use, commingle or otherwise dispose of collateral, usually cash or securities, posted by a counterparty under a trading agreement. Collateral rehypothecation is one of the primary motivations behind the offering of prime brokerage services by broker-dealers. Pledgors who have their collateral rehypothecated are at risk of holding only a general unsecured claim for the value of their collateral should the secured party enter into bankruptcy or similar proceedings.