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Defined in 1 dictionary — Bouvier (1914)

Bouvier's Law Dictionary and Concise Encyclopedia

John Bouvier; revised by Francis Rawle · 1914

other, and which consists in a power to cause it to be sold, in order to be paid his claim out of the proceeds. There ate two species of hypothecation, one called pledge, pignus, and the other properly denominated hypothecation. Pledge is that species of h3q)othecation 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; 2 Bell, Com. 25, In the common law, cases of hypothecation, in the strict sense of the civil law, that is of a pledge of a chattel without possession by the pledgee, are scarcely to be found; eases of bottomry bonds and claims for seamen’s wages against ships are the nearest approach to it; but these are liens and privileges, rather than hypothecations; Story, Bailm. § 288. It seems that chattels not in existence, though they cannot be pledged, can be hypothecated, so that the lien will attach as soon as the chattel has been produced; Macomber V. Parker, 14 Pick. (Mass.) 497. In Scotland hypothec is the landlord’s right, Independently of any stipulation, over the crop and stocking of his tenant, giving the landlord a security over the crop of each year for the rent of that year; Bell, Conventional hypothecations are those which arise by agreement of ' the parties. Dig. 20. 1. 5. General hypothecations are those by which the debtor hypothecates to his creditors all his estate which he has or may have. Legal hypothecations are those which arise without any contract therefor between the parties, expressed or Implied. Special hypothecations are hypothecations of a particular estate. Tacit hypothecations are such as the law gives in certain cases, without the consent of the parties, to secure the creditor. They are a species of legal hypothecation. Thus, the ^bllc treasury has a lien over the property of public debtors; Code 8. 15. 1. 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, The builder has a lien, for his bill, on the house he has built; Dig. 20. 1. The pupil has a lien on the property of the curator for the balance of his account; Dig. 46. 6, 22; Code 5. 37. 20, There is hypothecation of the goods of a testator for the security of the legacy; Code 6. 43. 1. See, generally, Pothier, de I’JIyp,; Pothier, Mar. Contr. 145, n. 26; Merlin, Rupert,; 2 Brown, Civ, Law 195; Abbott, Shipping; Parsons, Mar. Law; Taylor v. Hudgins, 42 Tex. 244; Whitney v. Peay, 24 Ark. 27. HYPOTH^QUE. In French Law. Hypothecation; the right acquired by the creditor his debt, although he be not placed In pos* session of it. It thus corresponds to the mortgage of real property in English law, and is a real charge, followtog the property into whosesoever hands it comes. It may be Ugale, as in the case of the charge which the state has over the lands of its accountants, or which a married woman has over those of her husband; judioiaire, when it is the result of a judgment of a court of justice; and conventionelie, when it is the result of an agreement of the parties; Brown.