FIDUCIA

In Roman law. An early form of mortgage, or pledge, in which both the title and possession of the property were passed to the creditor by a formal act of sale, (properly with the solemnities of the transaction known as mancipatto,) there being at the same time an express or implied agreement on the part of the creditor to reconvey the property by a similar act of sale provided the debt was duly paid; but on default of payment, the property became absolutely vested in the creditor without foreclosure and without any right of redemption. Iq course of time, this form of security gave place to that known as hypotheca, while the contemporary contract of piynus or pawn underwent a corresponding development. See Mackeld. Rom. Law,