| 单词 | HYPOTHECATION |
| 释义 | A term borrowed from the civil law. In so far as it is naturalizedin English and Americau law, it means a contract of mortgage or pledge inwhich the subject-matter is not delivered into the possession of the pledgee or pawnee;or, conversely, a conventional right existing in one person over specific property of another,which consists in the power to cause a sale of the same, though it be not in hispossession, in order that a specific claim of the creditor may be satisfied out of the proceeds.Tlie term is frequently used in our textbooks and reports, particularly upon the lawof bottomry and maritime liens; thus a vessel is said to be hypothecated for thedemand of one who has advanced money for supplies.In the common law, there are but few, if any, cases of hypothecation, in the strictsense of the civil law ; that is. a pledge without possession by the pledgee. Tlie nearestapproaches, perhaps, are cases of bottomry bonds and claims of materialmen, and ofseamen for wages; but these are liens and privileges, rather than hypothecations.Story, Bailm. |
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