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Simple English definitions for legal terms
antichresis
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A quick definition of antichresis:
Antichresis is a type of mortgage where the person who lends money keeps the property that is being mortgaged and takes the money that the property makes instead of interest on the loan. This means that the lender gets to keep the property and use the money it makes until the loan is paid back. If the borrower can't pay back the loan, the lender can sell the property to get their money back.
A more thorough explanation:
Definition: Antichresis is a type of mortgage in which the lender (mortgagee) keeps possession of the property being mortgaged and receives the profits (such as rent) from the property instead of interest on the loan.
For example, if John borrows money from a bank and uses his house as collateral, the bank may choose to use antichresis. This means that the bank will keep possession of the house and collect rent from any tenants living there instead of charging John interest on the loan.
Antichresis is a legal concept that originated in Roman and civil law. It is still used in some countries today, including Louisiana in the United States.