“Yet another mode of creating a security is possible, by which not merely the ownership of a thing but its possession also remains with the debtor. This is called by the Roman lawyers and their modern followers ‘hypotheca.’ Hypothecs may arise by the direct application of a rule of law, by judicial decision, or by agreement.” Thomas E. Holland, The Elements of Jurisprudence 235 (13th ed. 1924).
hypotheca
hypotheca (hI-p[schwa]-thee-k[schwa] or hip-[schwa]-), n. [Latin fr. Greek] Roman law. A mortgage of property in which the debtor was allowed to keep, but not alienate, the property.
