This page is continued from Property >>>> Interest >>>> Estate:
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estate in gage:
1. An estate that has been pledged as security for a debt. See MORTGAGE. [1]
1. See dead pledge; living pledge; mortgage; pledge. [2]
dead pledge:
1. A mortgage; the property mortgaged.
It was called a “dead” pledge because the rents and profits of it did not go toward the discharge or payment of the Hence, it yielded nothing to the mortgagee and was, in that sense, dead. [2]
living pledge:
1. An estate which arises when a person borrows a specific sum and grants property tot he lender to hold until the rents and profits shall repay the sum so borrowed, whereupon the property reverts tot eh borrower. Spect v Spect, 88 Cal 437, 26 F 203. [2]
mortgage – a conveyance of title to property given as security for the payment of a debt or performance of a duty, that will become void upon payment or performance according to the stipulated terms. — aka (archaically) dead pledge.
References:
Disclaimer: All material throughout this website is compiled in accordance with Fair Use.
[1]: Black’s Law Dictionary Deluxe Tenth Edition by Henry Campbell Black, Editor in Chief Bryan A. Garner. ISBN: 978-0-314-61300-4
[2]: Ballantine’s Law Dictionary with Pronunciations Third Edition by James A. Ballantine (James Arthur 1871-1949). Edited by William S. Anderson. © 1969 by THE LAWYER’S CO-OPERATIVE PUBLISHING COMPANY. Library of Congress Catalog Card No. 68-30931
[3]: Ballantine’s Law Dictionary Legal Assistant Edition
by Jack Ballantine (James Arthur 1871-1949). Doctored by Jack G. Handler, J.D. © 1994 Delmar by Thomson Learning. ISBN 0-8273-4874-6.
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