Re: moore on lending

[matthew.johnson@xxxxxxxxxxxxxxxxxxxxxxxxxxxx (MATTHEW JOHNSON)]

snip:
It should be
noted that in Prussian and U.S. 19th c. lending the
"asset" deposited was title to take possession of land
in the even of non-payment; debtors "borrowed" bank
credit (ijn the form of a deposit in their name)
against the mortgage.

English/Australian property law developed similarly, and with i dare say
much more significance to the present state of affairs(or law) in the
United States.

the general form is a conveyance vesting the estate (legal) and a right to
possession in the mortgagee with provison for reconveyance upon the payment
of principal plus intrest, with re-entry by the mortgagor in the mean time
similarly provided for.

the legal title has passed, whilst an equity of redemption has been
maintained by the mortgagee.  this equitable right may also be assigned
(and commonly is).  concurrent equitable and legal leins may create
intresting quantative problems. particullarly as the existance of multiple
equitable leins is not uncommon, due to failures to caveat.

don't know if this has helped.

matthew johnson