English Dictionary

Welsh mortgage

noun

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.

I am considering getting a Welsh mortgage for my new house.

意味（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.

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[…]