Welch Mortgage

English Law: Welch Mortgage in the Past

A species of security which partakes of the nature of a mortgage, as there is a debt due and an estate is given as a security for the repayment, but differs from it in the circumstances that the rents and profits are to be received without account till the main money is paid off and there is no remedy to enforce payment, while the mortgagor has a perpetual power of redemption.

Developments

It is a species of vivum vadium. Strictly, however, there is this distinction between a Welch mortgage and a vivum vadium. In the latter the rents and profits of the estate are applied to the discharge of the main, after paying the interest; while in the former the rents and profits are received in satisfaction of his interest only. 1 Pow. Mortg. 373, a. [1][rtbs name=”history-of-english-law”]

Resources

Notes and References

1. Partialy, this information about welch mortgage is based on the Bouvier´s Law Dictionary, 1848 edition. There is a list of terms of the Bouvier´s Law Dictionary, including welch mortgage.

See Also