Simple English definitions for legal terms
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Hypothec is a type of mortgage that a person gives to a creditor to secure a debt. This means that if the person cannot pay back the debt, the creditor can take possession of the property that was used as collateral for the loan. In some cases, like in Scottish law, a landlord can also use hypothec to secure rent payments from a tenant. Other types of hypothec include mariner's hypothec, which is a lien that a seaman or shipowner can assert against a ship for payment of wages or freight costs, and solicitor's hypothec, which is a legal agent's lien for costs in excess of the costs recovered from an opposing party.
Hypothec is a type of mortgage that is given to a creditor as security for a debt. It is a legal agreement that allows the creditor to take possession of the property if the debtor fails to repay the debt.
These examples illustrate how hypothec can be used in different legal contexts to secure debts and protect the rights of creditors.