Welsh Mortgage
Defined in 6 dictionaries — Cyclopedic (1922), Ballentine's (1916), Bouvier (1914), Black's (1910), Stimson (1881), Abbott (1879)
The Cyclopedic Law Dictionary
Walter A. Shumaker and George Foster Longsdorf; ed. James C. Cahill · 1922
In English law. A species of security which partakes of the nature of a mortgage, as there is a debt due, and an estate is given as a security for the repayment, but differs from it in the circumstances that the rents and profits are to be received without account till the principal money is paid off, and there is no remedy to enforce payment, while the mortgagor has a perpetual power of redemption. It is a species of vivum vadium. Strictly, however, there is this distinction between a Welsh mortgage and a vivum vadium, — in the latter, the rents and profits of the estate are applied to the discharge of the principal after paying the interest; while in the former, the rents and profits are received in satisfaction of his interest only. 1 Powell, Mortg. 373a.
Ballentine's Law Dictionary
James A. Ballentine · 1916
Bouvier's Law Dictionary and Concise Encyclopedia
John Bouvier; revised by Francis Rawle · 1914
In English Law. A species of security which partakes of the nature of a mortgage, as there is a debt due, and an estate is given as security for the repayment, but differs from it in the circumstances that the rents and profits are to be received without account till the principal money is paid off, and there is no remedy to enforce payment, while the mortgagor has a perpetual power of redemption. It is now rarely used. It is a species of vivwn vadium. Strictly, however, there is this distinction between a Welsh mortgage and a vivum vadium: in the latter the rents and profits of the estate are applied to the discharge of the principal after paying the interest; while in the former the rents and profits are received in satisfaction of his interest only; 1 Powell, Mortg. 373 a; Jones, Mtg. 1153. See Mortgage.
Black's Law Dictionary
Henry Campbell Black, M.A. · 1910
Glossary of Technical Terms, Phrases, and Maxims of the Common Law
Frederic Jesup Stimson · 1881
An old mortuum vadium, veyed to the creditor, redeemable at any the principal debt; the mesne profits going the antiehresis.
Dictionary of Terms and Phrases Used in American or English Jurisprudence
Benjamin Vaughan Abbott · 1879
A species of mortgage in which there is no condition or proviso for repayment at any time. The agreement is that the mortgagee, to whom the estate is conveyed, shall receive the rents till his debt is paid, and in such case the mortgagor and his representatives are at liberty to redeem at any time. Smith Man. Eg.