hypothecation (hI-poth-[schwa]-kay-sh[schwa]n), n. The pledging of something as security without delivery of title or possession. [Cases: Pledges 1–21; Secured Transactions 1. C.J.S. Pledges §§ 2–21, 27; Secured Transactions§§ 3, 7–9, 23, 37.] — hypothecator (hI-poth-[schwa]-kay-t[schwa]r), n. general hypothecation. 1. A debtor’s pledge to allow all the property named in the security instrument to serve as […]
vadium (vay-dee-[schwa]m), n. [Law Latin “pledge, bail, security”] Hist. 1. Security by a pledge of property. vadium mortuum (vay-dee-[schwa]m mor-choo-[schwa]m). [Law Latin “dead pledge”] A mortgage. • This was considered a “dead pledge” because an estate was given as security by the borrower, who granted to the lender the estate in fee, on the condition
superpriority. Bankruptcy. The special priority status granted by the court to a creditor for extending credit to a debtor or trustee that cannot obtain unsecured credit from a willing lender. • This priority may be either an administrative claim outranking other administrative claims or, if certain statutory requirements are met, a security interest in property.
clog on the equity of redemption. An agreement or condition that prevents a defaulting mortgagor from getting back the property free from encumbrance upon paying the debt or performing the obligation for which the security was given. See EQUITY OF REDEMPTION. [Cases: Mortgages 591(3). C.J.S. Mortgages §§ 997–998, 1000, 1003, 1005.]
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Prejudgment arrestment to secure payment of a judgment against a debtor who is likely to leave the country to escape the creditor. • The arrestment may be ordered even though the creditor has not begun an action on the debt or an action is still pending. — Also termed arrestment in security.
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