In Boman law. An early form of mortgage or pledge, in which both thetitle and possession of the property were passed to the creditor by a formal act of sale,(properly with the solemnities of the transaction known as mancipatio.) there being atthe same time an express or implied agreement on the part of the creditor to reconveythe property by a similar act of sale provided the debt was duly paid; but on default ofpayment, the property became absolutely vested in the creditor without foreclosure andwithout any right of redemption. In course of time, this form of security gave place tothat known as hiipotheca, while the con temporary contract of pii/nus or pawn underwenta corresponding development. See Mackeld. Rom. Law,
What is FIDUCIA?
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