Welsh mortgage

English

Noun

Welsh mortgage (plural Welsh mortgages)

1. A kind of mortgage, being a conveyance of an estate, redeemable at any time on payment of the principal, with an understanding that the profits in the meantime shall be received by the mortgagee without account, in satisfaction of interest.
   • 1857, William Richard Fisher, The Law of Mortgage:

     The possession of the mortgagee is of the very essence of the Welsh mortgage, and every receipt of rent is a receipt, by virtue of the contract […]

References

• “Welsh”, in Webster’s Revised Unabridged Dictionary, Springfield, Mass.: G. & C. Merriam, 1913, →OCLC.