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Simple English definitions for legal terms
vivum vadium
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A quick definition of vivum vadium:
Term: VIVUM VADIUM
Definition: Vivum vadium is a type of pledge where an estate is granted until a debt is paid out of its profits. It is called a "live pledge" because the profits of the land are constantly paying off the debt. This is different from a mortgage, which is a "dead pledge" where an estate is given as security by the borrower and is gone from the borrower if the money is not repaid at the specified time. Vivum vadium can also mean wages or salary.
A more thorough explanation:
Definition: Vivum vadium is a Latin term that means "live pledge." It refers to a situation where an estate is granted until a debt is paid out of its proceeds. The pledge is called a "live pledge" because the profits of the land are constantly paying off the debt.
For example, if a person borrows money and pledges their property as collateral, the property is considered a vivum vadium. The borrower still owns the property, but the lender has the right to collect the profits from the property until the debt is paid off.
This is different from a vadium mortuum, which is a "dead pledge" or a mortgage. In a mortgage, the borrower gives the lender an estate in fee as security. If the borrower fails to repay the loan, the pledged estate becomes the lender's property.