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Meaning of HYPOTHECATION

 
Webster's 1913 Dictionary
 
 Definition: 
\Hy*poth`e*ca"tion\, n. [LL. hypothecatio.]
1. (Civ. Law) The act or contract by which property is
   hypothecated; a right which a creditor has in or to the
   property of his debtor, in virtue of which he may cause it
   to be sold and the price appropriated in payment of his
   debt. This is a right in the thing, or jus in re.
   --Pothier. B. R. Curtis.

         There are but few cases, if any, in our law, where
         an hypothecation, in the strict sense of the Roman
         law, exists; that is a pledge without possession by
         the pledgee.                          --Story.

Note: In the modern civil law, this contract has no
      application to movable property, not even to ships, to
      which and their cargoes it is most frequently applied
      in England and America. See {Hypothecate}. --B. R.
      Curtis. Domat.

2. (Law of Shipping) A contract whereby, in consideration of
   money advanced for the necessities of the ship, the
   vessel, freight, or cargo is made liable for its
   repayment, provided the ship arrives in safety. It is
   usually effected by a bottomry bond. See {Bottomry}.

Note: This term is often applied to mortgages of ships.

 

 

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