| 单词 | living pledge |
| 释义 | > as lemmasliving pledge living pledge n. Law (now historical) a pledge (of land) given as surety for a debt until such time as the debt is paid out of its profits and proceeds, whereupon it reverts to its original owner. ΚΠ 1767 W. Blackstone Comm. Laws Eng. (new ed.) II. 157 Vivum vadium, or living pledge, is when a man borrows a sum (suppose 200l.) of another; and grants him an estate, as, of 20l. per annum, to hold till the rents and profits shall repay the sum so borrowed. 2012 M. P. Thompson Mod. Land Law (ed. 5) 465 If the income from the land was used to discharge the loan, the transaction was termed a vivum vadium, or living pledge. Alternatively, the mortgagee could retain the income, leaving the loan outstanding. This was known as a mortuum vadium or dead pledge, from which the term 'mortgage' derives. < as lemmas |
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