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LSDefine

Simple English definitions for legal terms

Welsh mortgage

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A quick definition of Welsh mortgage:

A Welsh mortgage is a type of loan where the borrower transfers ownership of their property to the lender as security for the debt. The lender collects rent from the property to pay off the interest, and any extra money goes towards reducing the principal. The borrower can redeem the property at any time, and the lender cannot force them to pay back the loan or foreclose on the property. It was commonly used in Wales and Ireland, but is not used much anymore.

A more thorough explanation:

A Welsh mortgage is a type of mortgage that was once common in Wales and Ireland. It involves the transfer of title and possession of the property to the mortgagee, who takes the rents and profits and applies them to the interest. There is often a stipulation that any surplus will reduce the principal. The mortgagor is not obligated to pay the debt and cannot be compelled to redeem, but may redeem at any time. The mortgagee cannot foreclose the right to redeem because no time is fixed for payment.

Example: John owns a property in Wales and takes out a Welsh mortgage with a lender. He transfers the title and possession of the property to the lender, who takes the rents and profits and applies them to the interest. John is not obligated to pay the debt and can redeem the property at any time.

This example illustrates how a Welsh mortgage works, where the mortgagor transfers the title and possession of the property to the mortgagee, who takes the rents and profits and applies them to the interest. The mortgagor is not obligated to pay the debt and can redeem the property at any time.

welshing | wend

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18:13
Babycat are you drinking the chemical waters
BulbasaurNoLikeCardio
18:13
Told them this is ridiculous and they took $140 off so my patience has been bought. Now I need to find another distraction from this shitty teacher
18:13
Original price was 460 they just ripped ya off
18:13
jk that is nice
babycat
18:14
@EvolBunny: I love fluoride 😍😍😍
18:14
omg me too
BulbasaurNoLikeCardio
18:15
@EvolBunny: I am fine with them making their cut and all that but I bought it with an adjustable gas block, new LVPO and foregrip so I just have a bunch of parts and ammo with no way to shoot it
@BulbasaurNoLikeCardio: i mean getting paid for their incompetence is based
18:15
they think you are going to attack dj trump
BulbasaurNoLikeCardio
18:18
@BulbasaurNoLikeCardio: they blaimed it on their IT team for not updating it as out of stock when I paid but like buying something in stock in September then being told I won't get it until mid January is pretty wild. I do not hunt anymore but their mistake would of caused me to miss the entire season. If it wasn't so hard to get left handed ARs I would of gone elsewhere
oh that's kind of worth more than $140
that's at least $300
18:19
@BulbasaurNoLikeCardio: what you gonna do when january hits and they are like "it still isnt here come back in april"
BulbasaurNoLikeCardio
18:20
Its a $600 part, they already covering shipping and paying the tax so $140 is an additional 25% off.
BulbasaurNoLikeCardio
18:20
If it doesn't come January I am going to just say fuck it and toss everything on the right handed upper and just eat gas.
18:21
You should have said to refund you or give 300 off
18:21
wasp is wasp
18:21
knows how be rich and demand shit lmfao
i am atheist not protestant
18:22
same thing tho ya? - catholic
BulbasaurNoLikeCardio
18:23
Ill just keep arguing for more money off until I get it or they end up paying me to take it lmao
18:24
what other guns ya got
are we losing hope for gtown lol
yeah i dont think gtown does A's this late unfortunately
18:25
it is like 630 on a friday there bud
18:25
think it is safe to say it aint happenin today\
damn it was a slow day today
BulbasaurNoLikeCardio
18:26
I got a custom built Leftie ar15 I run suppressed, a regular ar15, a .270 axis savage bolt gun, xd9, xd40 and have my AR10 I run suppressed.
BulbasaurNoLikeCardio
18:26
I do not think we will see a wave until after thanksgiving. Adcoms will be nice and not ruin someones thanksgiving with an R
18:28
ruin my thanksgiving law schools uwu
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