Welsh mortgage

A type of mortgage, formerly common in Wales and Ireland, by which the mortgagor, without promising to pay the debt, transfers title and possession of the property to the mortgagee, who takes the rents and profits and applies them to the interest, often with a stipulation that any surplus will reduce the principal.

• The mortgagee cannot compel the mortgagor to redeem, and cannot foreclose the right to redeem, because no time is fixed for payment. The mortgagor is never in default, but may redeem at any time.

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词条贡献者

法律翻译王漾，在一家顶尖英国律师事务所的上海办公室担任全职法律翻译，专注翻译各类与大中华业务有关的法律文件。