hypothec


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hypothec

a security over moveable property that permits the borrower to retain possession. A hypothec is equivalent to a charge and is employed in international trading transactions. A letter of hypothecation is a letter addressed to a bank giving details of a shipment of goods relating to a draft. Should the draft be dishonoured, the bank is empowered to sell the goods. Maritime liens are a form of hypothec. Seamen have a lien for wages; a salvor for any sum due on salvage; a person repairing a ship or giving supplies in a foreign port for the services; one suffering loss as a result of damage caused by the ship. Claims under bonds of BOTTOMRY and RESPONDENTIA are secured by hypothec.

In Scotland special hypothecs are known:

  1. (1) the landlord's hypothec is a security over the invecta et illata (things brought or carried into the premises) subject to recognized exceptions in respect of one year's rent and not for prior arrears. The security will attach goods on hire or hire purchase;
  2. (2) the feudal superior's hypothec for feu duty, of little significance since for some time feu duties have been statutorily redeemed and the feudal system has been abolished by the Abolition of Feudal Tenure Act 2000;
  3. (3) a solicitor has a hypothec over any expenses to which his client is entitled;
  4. (4) the maritime hypothecs mentioned in respect of England are recognized in Scotland too.
References in periodicals archive ?
(43.) A hypothec is an ancillary right in a property of another and it serves as a security for an obligation.
However in my view even though the implementation of Hypothec has posed some challenges to banks and MFIs they need to comply with the law.
The kinds of universalities that exist may vary from one system to another, but we have already seen examples in Quebec law: the private property of a spouse in a matrimonial regime, the property in a substitution, or property subject to a hypothec of a universality.
Ainsi, nous traduisons << hypotheque >> par hypothec et non par mortgage.
Also, since the Civil Code is central to our legal system, we are bound to use civil-law terms such as "hypothec" and "immovables" rather than the common--law terms more familiar to most English-speaking readers--"mortgage", "real property" and so on.
(65) It even goes so far as to create a legal hypothec on the unit sold as security for the unpaid contributions.
To those entitled by their participation in the construction of an immovable, the law gives a Legal Hypothec, which means:
A member of the Murasu firm addresses Iskutikku called servant of G.," and his coadjutor, concerning fields and buildings held by us as a pledge (bit maskanini, i.e., as a result of foreclosure on a hypothec), which have (now) been re-assigned to G.
I have been told of escrow and hypothec, but the latter I believe is not available to foreigners.
244(1.3) "security interest" means any interest in property that secures payment or performance of an obligation and includes an interest created by or arising out of a debenture, mortgage, hypothec, lien, pledge, charge, deemed or actual trust, assignment or encumbrance of any kind whatever, however or whenever arising, created, deemed to arise or otherwise provided for105; 224(1.3) << garantie >> Droit sur un bien qui garantit l'execution d'une obligation, notamment un paiement.
Investment is influenced by various factors: tax rates, inflation level and cash flow; and the main participants are: investors, hypothec suppliers, renters, government, final real estate users, etc.
They are guaranteed by a third hypothec on the universality of the Company s assets and bearing interest at the annual rate of 12%.