- The act or contract by which property is
hypothecated; a right which a creditor has in or to the property of his
debtor, in virtue of which he may cause it to be sold and the price
appropriated in payment of his debt. This is a right in the thing, or
jus in re. - A contract whereby, in consideration of money
advanced for the necessities of the ship, the vessel, freight, or cargo
is made liable for its repayment, provided the ship arrives in safety.
It is usually effected by a bottomry bond. See Bottomry.
Hypothecation Agreement Hypothecation Agreement is a legal document between the provider and recipient of a loan when an asset is offered as security to obtain it.
Hypothecation In case of hypothecation, possession of goods is not given to the bank. The goods remain at the disposal and in the god owns of...
Definition
[ n.]