“Ilypotheca” was a term of the Itoman law, and denoted a pledge ormortgage. As distinguished from the term “pignus,” in the same law, it denoted a mortgage,whether of lands or of goods, in which the subject iu pledge remained in the possessionof the mortgagor or debtor; whereas in the pignus the mortgagee or creditorwas in the possession. Such an hypotheca might be either express or implied; express,where the parties upon the occasion of a loan entered into express agreement to thateffect; or implied, as, e. g., in tlie case of the stock and utensils of a farmer, which weresubject to the landlord’s right as a creditor for rent; whence the Scotch law of hypothec.The word has suggested the term “hypothecate,” as used in the mercantile andmaritime law of England. Thus, under the factor’s act, goods are frequently said to be”hypothecated;” and a captain is said to have a right to hypothecate his vessel fornecessary repairs. Brown. See Mackeld. Horn. Law,
What is HYPOTHECA?
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