My wife was celebrating the diminishing amount remaining on our mortgage, and she asked me if the mort- part of the word meant ‘dead,’ and if so why. I said yes it did, but I didn’t know why; I’ve looked it up a number of times because it’s so opaque, but I can never remember the answer. So I turned to the OED, which updated the entry in December 2002, but the etymology is surprisingly unsatisfactory from the semantic point of view:
< Anglo-Norman and Middle French mortgage, mort gage (1283 in Old French; also as gage mort (1267); French mort-gage (now archaic)) < mort mort adj. + gage gage n.¹, after post-classical Latin mortuum vadium (from 12th cent. in British sources) < mortuum, accusative of mortuus dead (see mort adj.) + vadium pledge (see invadiate v.). Middle French mort gage > post-classical Latin morgagium (from 14th cent. in British sources), mortgagium (a1564 in a British source).
Yes, yes, but why is it called a ‘dead pledge’? (They later quote in small type “the etymological meaning of the term current among 17th-cent. lawyers,” but they clearly consider that merely a historical curiosity.) Fortunately, the AHD comes to the rescue:
Word History: In early Anglo-Norman law, property pledged as security for a loan was normally held by the creditor until the debt was repaid. Under this arrangement, the profits or benefits that accrued to the holder of the property could either be applied to the discharge of the principal or taken by the creditor as a form of interest. In his Tractatus de legibus et consuetudinibus regni Angliae (1189), Ranulf de Glanville explains that this latter type of pledge, in which the fruits of the property were taken by the creditor without reduction in the debt, was known by the term mort gage, which in Old French means “dead pledge.” Because of Christian prohibitions on profiting from money lending, however, the mortgage was considered a species of usury. The preferred type of pledge, in which the property’s profits went to paying off the debt and thus continued to benefit the borrower, was known in Old French by the term vif gage, “living pledge.” By the time of the great English jurist Thomas Littleton’s Treatise on Tenures (1481), however, the mortgage had evolved into its modern form—a conditional pledge in which the property (and its profits) remain in possession of the debtor during the loan’s repayment. This led Littleton and his followers, such as the influential jurist Sir Edward Coke (1552-1634), to explain the mort in mortgage in terms of the permanent loss of the property in the event the borrower fails to repay, rather than of the loss of the profits from the property over the duration of the loan.
I certainly won’t remember the details, but at least I can now refer to this entry when curiosity strikes again.
Recent Comments