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Simple English definitions for legal terms
vadium
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A quick definition of vadium:
Term: vadium
Definition: Vadium is a word from Law Latin that means "pledge, bail, security." In history, it was used to describe two types of security. The first was when someone gave property as a pledge to ensure they would pay back a debt. The second was a type of mortgage called vadium mortuum, which means "dead pledge." This was when someone gave an estate as security for a loan, and if they didn't pay it back, the estate would belong to the lender. Vadium vivum, or "live pledge," was when an estate was granted until a debt was paid out of its profits. It was called a "live pledge" because the profits of the land were constantly paying off the debt. Vadium can also mean wages or salary.
A more thorough explanation:
Term: VadiumDefinition: Vadium is a legal term that means a pledge or security for a debt. It can refer to two types of pledges: vadium mortuum (dead pledge) and vadium vivum (live pledge).
Examples:
- When someone takes out a mortgage to buy a house, they are giving a vadium mortuum. This means that if they don't pay back the loan, the lender can take possession of the house.
- Another example of vadium is when a person pledges their car as collateral for a loan. If they don't pay back the loan, the lender can take possession of the car.
- Vadium vivum is a pledge where the debtor grants the creditor the right to collect the profits of an estate until a debt is paid off. For example, a farmer might pledge their crops as vadium vivum to secure a loan. The lender can collect the profits from the crops until the loan is paid off.