Welsh Mortgage - Law Dictionary Search Results
Home Dictionary Name: welsh mortgage Page 1 of about 4 results (0.004 seconds)Welsh mortgage
Welsh mortgage (now rare), a conveyance of an estate redeemable at anytime by the mortgagor, on payment of the loan; the rents and profits of the estate being received in the meantime by the mortgagee, in satisfaction of interest subject, however, to an account in Chancery. There is no covenant for the repayment of the loan, and the mortgagee cannot compel either redemption or foreclosure. A Welsh mortgage differs from a vivum vadium or vifgage, which is a conveyance of property to the creditor and his heirs, until out of the rents and profits of the estate he has satisfied the debt with interests; it was so called because either debt nor estate was lost. The distinction between these securities is, that in the vifgage the profits are applied in the periodical reduction of the debt, while in the Welsh mortgage they are applied in satisfaction of the interest, the principal remaining undiminished. In neither, however, is the estate ever forfeited. See 2 Br. & Had. Com. 299, and consult ...
Mortgage
Mortgage [fr. mort, Fr., dead, and gage, pledge], a deed pledge; a thing put into the hands of a creditor.A mortgage is the creation of an interest in property, defeasible (i.e., annullable) upon performing the condition of paying a given sum of money, with interest thereon, at a certain time. This conditional assurance is resorted to when a debt has been incurred, or a loan of money or credit effected, in order to secure either the repayment of the one or the liquidation of the other. the debtor, or borrower, is then the mortgagor, who has charged or transferred his property in favour of or to the creditor or lender, who thus becomes the mortgagee. If the mortgagor pay the debtor loan and interest within the time mentioned in a clause technically called the proviso for redemption, he will be entitled to have his property again free from the mortgagee's claim; but should he not comply with such proviso, the legal estate becomes perfected in the mortgagee, i.e., indefeasible, and so los...
Antichresis
Antichresis [fr. avtlxpnois, Gk.], in the Civil Law a covenant or convention whereby a person borrowing money of another engages or makes over his lands or goods to the creditor, with the use and occupation thereof, for the interest of the money lent. This covenant was allowed by the Romans, among whom usury was prohibited; it was afterwards called MORT-gage to distinguish it from a simple engagement, where the fruits of the ground were not alienated, which was called VIF-gage, i.e., vivum vadium. The obsolete Welsh mortgage bears a resemblance to this kind of pledge, I Domat, b. iii. Tit. I. s. i art. 28; Story on Bailments, 307, par. 344....
Vivum vadium, Vifgage or Living pledge
Vivum vadium, Vifgage or Living pledge, when a person borrows money of another, and grants to him an estate to hold till the rents and profits shall repay the sum borrowed with interest. The estate is conditioned to be void as soon as the sum is realized. See WELSH MORTGAGE, and 2 Br. & Had. Com. 299....
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