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HYPOTHEC (Lat. hypotheca, Gr. vaoOi7Kf)

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Originally appearing in Volume V14, Page 208 of the 1911 Encyclopedia Britannica.

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HYPOTHEC (Lat. hypotheca, Gr. vaoOi7Kf)

HYPOTHEC (See also:
LAT
Lat. hypotheca, Gr. vaoOi7Kf) , in See also:

ROMAN

Roman See also:

law, the most advanced See also:

FORM (Lat. forma)

form of the See also:

contract of See also:

PLEDGE

pledge. A specific thing may be given absolutely to a creditor on the understanding that it is to be given back when the creditor's See also:

DEBT (Lat. debitum, a thing owed)

debt is paid; or the See also:

PROPERTY

property in the thing may be assigned to the creditor while the debtor is allowed to remain in See also:

possession, the creditor as owner being able to take possession if his debt is not discharged. Here we have the See also:

KIND (O. E. ge-cynde, from the same root as is seen in " kin," supra)

kind of See also:

SECURITY (Lat. securus, free from care, safe)

security known as pledge and See also:

MORTGAGE

mortgage respectively. In the hypotheca, the property does not pass to the creditor, nor does he get possession, but he acquires a preferential right to have his debt paid out of the hypothecated property; that is, he can sell it and pay himself out of the proceeds, or in See also:

DEFAULT (Fr. defaut, from defailler, to fail, Lat. fallere)

default of a purchaser he can become the owner himself. The name and the principle have passed into the law of See also:

Scotland, which distinguishes between conventional hypothecs, as See also:

BOTTOMRY

bottomry and respondentia, and tacit hypothecs established by law. Of the latter the most important is the landlord's hypothec for See also:

RENT

rent (corresponding to See also:

DISTRESS

distress in the law of See also:

England), which extends over the produce of the See also:

LAND

land and the See also:

CATTLE (Norman Fr. catel, from Late Lat. capitale, wealth or property, a word applied in the feudal system to movable property and particularly to live stock, and surviving in its wider meaning as " chattel " or " chattle ")

cattle and See also:

sheep fed on it, and over stock and horses used in husbandry. The law of agricultural hypothec See also:

long caused much discontent in Scotland; its operation was restricted by the Hypothec See also:

AMENDMENT (through the O. Fr. amender, to correct, from Lat. mendum, a fault)

Amendment (Scotland) See also:

ACT (Lat. actus, actum)

Act 1867, and finally by the Hypothec Abolition (Scotland) Act 188o it was enacted that the " landlord's right of hypothec for the rent of land, including the rent of any buildings thereon, exceeding two acres in extent, let for See also:

agriculture or pasture, shall cease and determine." By the same act and by the Agricultural Holdings (Scotland) Act 1883 other rights and remedies for rent, where the right of hypothec had ceased, were given to the landlord.

End of Article: HYPOTHEC (Lat. hypotheca, Gr. vaoOi7Kf)

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