WELCH MORTGAGE - Eng. law. A species
of security which partakes of the nature of a mortgage,
as there is a debt due, and an estate is given as
a security for the repayment, but differs from it
in the circumstances that the rents and profits are
to be received without account till the principal
money is paid off, and there is no remedy to enforce
payment, while the mortgagor has a perpetual power
of redemption.
It is a species of vivum vadium. Strictly, however,
there is this distinction between a Welch mortgage
and a vivum vadium. In the latter the rents and profits
of the estate are applied to the discharge of the
principal, after paying the interest; while in the
former the rents and profits are received in satisfaction
of his interest only.
