Vadium

A pledge; security by pledge of property.

Vadium mortuum

A dead pledge. A mortgage; a security given to a creditor on condition that, if the money be hot repaid at the appointed time, the debtor's estate shall be forfeited and pass to the creditor.

Vadium ponere

To take bail for the appearance of a person in a court of justice.

Tomlins.

Vadium vivum.

A living pledge

A security given to a creditor to hold until he has received the amount of the debt out of the issues and profits of the property. This was termed a living pledge, or vif-gage, as distinguished from the vadium mortuum, or mortgage, from the fact that the profits of the property pledged were continually paying off the debt, and neither the property nor its income was in danger of loss. When a man borrows a sum of money of another (suppose £200), and grants him an estate, as of £20 per annum, to hold till the rents and profits shall repay the sum so borrowed, in this case the land or pledge is said to be living: it works off — i.e. repays and survives — the debt, and, immediately on the discharge of that, reverts back to the borrower. It is called a vivum vadium, or living pledge, in contradistinction to a moi-tuum vadium, the land in which does not of itself work off, i.e. repay, the debt; but the mortgagor must needs himself repay the same before the land reverts to him. In the case of both these species of vadium, the pledgee receives the rents and profits without account, in which respect they both differ from a. mortgage properly so called.

Brawn,