Vadium

Lat A pledge; security by pledge, of property. Coggs v. Bernard, 2 lid Raym. 913.

— Vadium mortuum. A mortgage or dead pledge; a security given by the borrower of a sum of money, by which he grants to the lender an estate in fee, on condition that, if the money be not repaid at the time appointed, the estate so put in pledge shall continue to the lender as dead or gone from the mortgagor. 2 Bl. Comm. 157

— Vadium ponere. To take bail for the appearance or a person in a court of justice. Tomlins.

— Vadium vivum. A species of security by which the borrower of a sum of money made over his estate to the lender until he had received that sum out of the issues and profits of the land. It was so called because neither the money nor the lands were lost, and were not left in dead pledge, but this was a living pledge, for the profits of the land were constantly paying oft the debt. Litt § 206; 1 Pow. Mortg. 3; Termes de la Ley; Spect v. Spect, 88 Cal. 437, 26 Pac. 203. 13 In R. A. 137, 22 Am. St. Rep. 314 ; O'Neill v. Gray, 39 Hun (N. Y.) 566; Kort-right v. Cady, 21 N. Y. 344, 78 Am. Den. 145.

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In old English law. Gage; security to do some act; security by pledge of property. Wages, salary or other reward of service. Vadium mortuum: a dead gage or pledge; a mortgage; hence a mortgage. Vadium vivum: a living pledge; a pledge of property to be held until the profits paid off the debt

Law Lat. A pledge. Vadium mortuum. A dead pledge; mortgage. A security with the condition that if the money be not promptly repaid the debtor's estate will be forfeited.^ Vadium vivum. A living pledge. A security to be held by the creditor till he has received the amount of his debt out of the income of the property pledged.- See Pledge.

Lat. A pledge; security, surety. Vadium mortuum: a dead pledge, mortgage. Vadium vivum: a living pledge, a pledge of property to hold until the profits or interests paid off the debt. Valeat quantum valere potest: let it avail [take effect] as far as it can.

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,

contracts. A pledge or surety