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Simple English definitions for legal terms
nantissement
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A quick definition of nantissement:
Term: Nantissement
Definition: Nantissement is a French legal term that refers to a type of security or pledge. It can be used to secure a loan or debt by offering movable or immovable property as collateral. When movable property is used, it is called "gage," and when immovable property such as real estate is used, it is called "antichrèse."
A more thorough explanation:
Nantissement (non-tis-mahn) is a legal term used in French law to refer to a security or pledge.
When the security or pledge involves movable property, it is called "gage." On the other hand, when it involves immovable property such as real estate, it is called "antichrèse."
An example of nantissement is when a borrower pledges their car as collateral for a loan. In this case, the car serves as security for the lender in case the borrower defaults on the loan.
Another example is when a property owner pledges their house as collateral for a mortgage. The house serves as security for the lender in case the borrower fails to make the mortgage payments.
These examples illustrate how nantissement works in practice. It is a legal mechanism that allows lenders to secure their loans by taking possession of the borrower's property in case of default.