Antichresis
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Antichresis, in civil law, is a contract whereby a person borrowing money of another, hands over his property to the creditor, allowing the use and occupation thereof, for the interest on the money lent.
Historically, this contract was used by the Romans, among whom usury was prohibited. It was afterwards[when?] called mortgage, to distinguish it from a simple engagement, where the fruits of the ground were not alienated, which was called visgage.
The creditor also has the right to transfer debtor's profits from the immovable property at his/her wish. If the creditor is a debtor himself, he is able to sell the rights of antichresis to another creditor.
Pawn and antichresis distinguished. A thing is said to be pawned when a movable thing is given as security; and the antichresis, when the security given consists in immovables. La.CC Art. 3135.
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This article incorporates content from the 1728 Cyclopaedia, a publication in the public domain.
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