Clepper, 26 Tex
Categories: Property
Definition (1910 Edition)
629, 84 Am. Dec. 591.—Tacit mortgage. In Louisiana. The same as a “legal” mortgage. See supra.—Welsh mortgage. 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 perperoe power of redemption. It is now rareused. 1 Pow. Mortg. 373a. See O’Neill v. ray, 99 Hun (N. ¥.) 566; Bentley v. Phelps, 3 Fed. Cas. 250.
Source: Black's Law Dictionary, 2nd Edition (1910) — Public Domain.
UK commentary and modern updates are original additions. This entry is for educational
reference only and does not constitute legal advice.