HYPOTHECATE v.
To subject, as property, to liability for a debt or engagement without delivery of possession or transfer of title; to pledge without delivery of possession; to mortgage, as ships, or other personal property; to make a contract by bottomry. See Hypothecation, Bottomry. He had found the treasury empty and the pay of the…
LET v.
rge; to let fly, as an arrow; to fire the charge of, as a gun. (b) To release, as from an engagement or obligation. [Colloq.] To let out. (a) To allow to go forth; as, to let out a prisoner. (b) To extend or loosen, as the folds of a garment; to enlarge; to suffer to run out, as a cord. (c) To lease; to give out for pe…
MORTGAGE v.
To grant or convey, as property, for the security of a debt, or other engagement, upon a condition that if the debt or engagement shall be discharged according to the contract, the conveyance shall be void, otherwise to become absolute, subject, however, to the right of redemption.
PROMISE a.
An engagement by one person to another, either in words or in writing, but properly not under seal, for the performance or nonperformance of some particular thing. The word promise is used to denote the mere engagement of a person, without regard to the consideration for it, or the corresponding duty of the party to wh…