Mortgage History
September 13, 2010 Uncategorized
The term mortgages is a compound expression, that comes from the classic Greek language, derived from the words hypo (underneath) and teka (drawer, box); that is to say, that hypo-teka was for Greek the something that he was hidden, what he remained hidden underneath the drawer, since external signs of their existence do not exist, when not entailing the possession in favor of the mortgagee to be conctituida, and the mortgaged property continues belonging to, and continues being owned by, indebted the hypothecating one. Despite the present regulation and the idea of the mortgage it is inherited of the Roman right. Concretely, in old Rome there were two main forms to guarantee, with real effectiveness, a debt:
- The Fiducia: That it consisted of which the indebted one transferred the property of a good to the creditor to guarantee the debt. It generated a great lack of protection for the indebted one.
- prenda or pignus, with a regulation very similar to the present one.
The later improvement gave rise, sometimes, when the indebted one needed its goods to be able to pay the debt, to that the article was agreed without displacement of the possession in favor of the creditor. It was thus used so that the Earth landladies guaranteed the payment to the renter, ignoring his aperos of farming (that were going to need in any case to work, reason why could not yield the creditor).
The germ of the present mortgage was this figure. Nevertheless, by reasons for security legal, since for want of possession remained as it loads hides, not was but until establishment of Accountant’s offices of mortgages, soon turned into Registries of property, that brought the end of the mortgage as it loads hides, by means of the registry publicity, when it began to be used in a generalized manner, like great revitalising of the territorial credit.