contracts. A mortgage or dead-pledge; it is a security given by the borrower of a sum of money, by which he grants to the lender an estate in fee, on condition that if the money be not repaid at the time appointed, the estate so put in pledge shall continue to the lender as dead or gone from the mortgagor. … [Read more...]
VACATING A JUDGMENT
When a judgment is canceled, rescinded or set aside and removed from the record. … [Read more...]
VADIUM VIVUM
contracts. A species of security by which the borrower of a sum of money, made over his estate to the lender, until he had received that sum out of the issues and profits of the land; it was so called because neither the money nor the lands were lost, and were not left in lead pledge, but this was a living pledge, for the profits of the land were constantly paying off the debt. … [Read more...]
VACATIO
Latin: In the civil law. Exemption; immunity; privilege; dispensation; exemption from the burden of office. Calvin. … [Read more...]
VADLET
In old English law. The king's eldest son; hence the valet or knave follows the king and queen in a pack of cards. Bar. Obs, St 344. … [Read more...]