Hypothecation

civil law. This term is used principally in the civil law; it is defined to be a right which a creditor has over a thing belonging to another, and which consists in the power to cause it to be sold, in order, out of the proceeds, to be paid his claim. There are two species of hypothecation, one called pledge, yignus, and the other properly denominated hypothecation. Pledge is that species of hypothecation which is contracted by the delivery by the debtor to the creditor, of the thing hypothecated. Hypothecation properly so called is that which is contracted without delivery of the thing hypothecated. Hypothecation is further divided into general and special. When the debtor hypothecates to his creditor all his estate and property, which he has, or may have, the ‘ hypothecation is confined to a particular estate, it is special. Hypothecations are also distinguished into conventional, legal and tacit.

1.

Conventional hypothecations are those which arise by the agreement of the parties.

Dig. 20, 1,5.—2.

Legal hypothecation is that which has not been agreed upon by any contract, express or implied; such as arises from the effect of judgments and executions.—3. A tacit, which is also a legal hypothecation, is that which the law gives in certain cases, without the consent of the parties, to secure the creditor, such as, lst, the lien which the public treasury has over the property of public debtors.

Code, 8, 15, 1.—2d.

The landlord has a lien on the goods in the house leased, for the payment of his rent.

Dig. 20, 2, 2; Code, 8, 15, 7.—3d.

The builder has a lien, for his bill, on the house he has built, Dig. 20, 1.—4th. The pupil has a lien on the property of the guardian for the balance of his account.

Dig. 46, 6, 22; Code,