hypothec

hypothec
/huy poth"ik, hi-/, n.
1. Roman and Civil Law. a mortgage or security held by a creditor on the property of a debtor without possession of it, created either by agreement or by operation of law.
2. (in some modern legal systems) a security interest created in immovable property.
[1585-95; earlier hypotheca < LL < Gk hypothéke deposit, pledge, mortgage (akin to hypotithénai to deposit as pledge). See HYPO-, THECA]

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      in Roman law, a type of security for a debt in which the creditor had neither ownership nor possession. It arose in cases in which a renter needed the use of the things that he pledged as security for his continued payment of rent, usually tools or equipment necessary for working the land he was renting. Possession could be taken by the creditor only when the debt, or, in this case, the rent, was not paid.

      Modern hypothecs are found in civil-law countries such as France and Germany. They are similar in concept to a mortgage, except that they do not grant title or possession to the creditor. Although applied exclusively in the past to immovables, they may now apply in certain cases to movables. Hypothecs involve real rights but do not include ownership. The creditor may, in last resort, seize the property, regardless of who is holding it; further, he may sell under the authorization of the court. These rights become operative upon nonpayment of the debt.

      In France there are three types of hypothecs: contractual, judicial, and legal. Contractual hypothecs are those made between individuals, and they must be notarized before witnesses. It is necessary to state the amount to be secured in the document. Judicial hypothecs are instituted by the court against all the property, present and future, of a debtor. Legal hypothecs are rights given to married women over the property of their husbands, and to children and incapacitated individuals over the property of their guardians. This is to protect them against any mismanagement by the husband or guardian of their own or common property.

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Universalium. 2010.

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Look at other dictionaries:

  • hypothec — a security over moveable property that permits the borrower to retain possession. A hypothec is equivalent to a charge and is employed in international trading transactions. A letter of hypothecation is a letter addressed to a bank giving details …   Law dictionary

  • Hypothec — Hy*poth ec, n. [F. hypoth[ e]que. See {Hypotheca}.] (Scot. Law) A landlord s right, independently of stipulation, over the stocking (cattle, implements, etc.), and crops of his tenant, as security for payment of rent. [1913 Webster] …   The Collaborative International Dictionary of English

  • hypothec — [hī päth′ek΄, hī päth′ik; hi päth′ek΄, hipäth′ ik] n. [Fr hypothèque < LL hypotheca, a pledge, security < Gr hypothēkē, something put under (obligation), pledge < hypotithenai, to put under, pledge: see HYPOTHESIS] Civil Law security or… …   English World dictionary

  • Hypothec — See also hypothecation. Hypothec (Lat. hypotheca , Gr. Polytonic|ὐποθήκη: hypothéke ), in Roman law, the most advanced form of the contract of pledge; in modern civil law (legal system), an instrument akin to the common law mortgage.A specific… …   Wikipedia

  • hypothec — noun a) In Scotland, a landlords right over the stocking (cattle, implements, etc.), and crops of his tenant, as security for payment of rent. ...saddle and all, the whole hypothec turned round and grovelled in the dust below the donkey’s belly …   Wiktionary

  • hypothec — hy·poth·ec || haɪpəθɪk n. security which has been legally written over to a creditor but remains in the possession of a debtor (Law) …   English contemporary dictionary

  • hypothec — hy·poth·ec …   English syllables

  • hypothec — /haɪˈpɒθɪk/ (say huy pothik) noun Roman and Scottish Law a security in favour of a creditor over the property of the debtor without possession of it. It may be created by agreement or by operation of law. {Late Latin hypothēca, from Greek… …  

  • hypothec — Same as hypothecation …   Ballentine's law dictionary

  • hypothec — n. (in Roman and Scottish law) a right established by law over property belonging to a debtor. Derivatives: hypothecary adj. Etymology: F hypothegraveque f. LL hypotheca f. Gk hupotheke deposit (as HYPO , tithemi place) …   Useful english dictionary

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