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Simple English definitions for legal terms
vif-gage
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A quick definition of vif-gage:
Term: VIF-GAGE
Definition: VIF-GAGE is a type of pledge or security in which an estate is granted until a debt is paid out of its proceeds. It is also known as vadium vivum or live pledge because the profits of the land are constantly paying off the debt. This is different from vadium mortuum or dead pledge, which is a mortgage where an estate is given as security by the borrower and granted to the lender in fee. If the money is not repaid at the specified time, the pledged estate would continue as the lender's. VIF-GAGE is also a term used for wages or salary.
A more thorough explanation:
Definition: Vif-gage (pronounced veef-gayj or vif-) is a term in Law French that refers to vadium vivum, which means a living pledge. It is a type of security where an estate is granted until a debt is paid out of its proceeds. The pledge is called a living pledge because the profits of the land are constantly paying off the debt.
For example, if a person borrows money and pledges their property as security, they can grant the lender the estate in fee until the debt is repaid. The lender can then collect the profits from the property until the debt is fully paid off. Once the debt is paid, the estate is returned to the borrower.
Vif-gage is also sometimes used to refer to wages or salary.
Overall, vif-gage is a legal term that describes a type of security where an estate is granted until a debt is paid off using the profits from the property.