| 释义 |
Welsh mortgage
| (O. Eng. Law) | a species of mortgage, being a conveyance of an estate, redeemable at any time on payment of the principal, with an understanding that the profits in the mean time shall be received by the mortgagee without account, in satisfaction of interest.- Fairholt. |
See also: Welsh Welsh mortgage
Welsh mortgage a special kind of mortgage, which has been used quite commonly in Ireland, under which the mortgagee takes possession of land as security for a loan. The mortgagee takes the rents and profits from the land in place of interest. The mortgagor has no obligation to pay the principal but may redeem it at any time on doing so. |