A Treatise on Hindu law

Originally confined to the security of the landlord on the farming stock of the tenant the right was extended in course of time to all classes of pledges whatever might be the nature of the property and whether the pledge was"IMPROVEMENTS IN TILE ROMAN LAW OF SECURITY. [...] The pledgee was not bound to invoke the process of the Court for the sale of the pledge; but the sale in the absence of any express agreement to the contrary must have been effected publicly and the debtor summoned to be present. [...] If the money is not repaid on the appointed day the mortgagee becomes at law the absolute owner of the property but the Court of Chancery which has almost exclusive jurisdiction over mortgages regards the transaction only as a security for the repayment of the debt and allows the mortgagor to redeem on payment of the principal interest and costs within a reasonable time which is now fixed [...] The commentators who a I have already said always professed the ver greatest veneration for the text of the cod( explained the dictum of Manu as having referent only to cases in which there was no express agree ment that the pledge should be forfeited on default This was the first of the series of limitations b. which the application of the text of Manu wa gradually narrowed. [...] We saw that in both the latter systems the ownership of the property mortgaged is liable to pass to the creditor on the failure of the debtor to repay the loan by the appointed time.