ANTICHRESIS

antichresis (an-ti-kree-sis). [Latin “in place of interest”] Roman & civil law. A  mortgage in

which  the  mortgagee  retains  possession of  the  mortgaged  property  and  takes the  fruits (such  as

rents) of the property in lieu of interest on the debt. La. Civ. Code art. 3176. [Cases: Mortgages    1.

C.J.S. Mortgages §§ 2–6.]

“Under the Civil Code  of Louisiana, taken from the Code Napoleon, there are two kinds of

pledges:  the  pawn,  when  a  movable  is  given  as  security,  and  the  antichresis,  when  the  security

given consists in immovables or real estate. Under the latter the creditor acquires the right to take

the rents and profits of the land, and to credit, annually, the same to the interest, and the surplus to

the  principal  of  the  debt,  and  is  bound  to  keep  the  estate  in  repair,  and  to  pay  the  taxes.  Upon

default upon the part of the debtor, the creditor may prosecute the debtor, and obtain a decree for

selling  the  land  pledged.”  3  James  Kent,  Commentaries  on  American  Law  *403–04  (George

Comstock ed., 11th ed. 1866). [Blacks Law 8th]