antichresis

/aentakriyzas/

In the civil law, a species of mortgage, or pledge of immovables. An agreement by which the debtor gives to the creditor the income from the property which he has pledged, in lieu of the interest on his debt. In the French law, if the income was more than the interest, the debtor was entitled to demand an account of the income, and might claim any excess.

By the law of Louisiana, there are two kinds of pledges,-the pawn and the antichresis. A pawn relates to movables, and the antichresis to immovables. The antichresis must be reduced to writing; and the creditor thereby acquires the right to the fruits, etc., of the immovables, deducting yearly their proceeds from the interest, in the first place, and afterwards from the principal of his debt. He is bound to pay taxes on the property, and keep it in repair, unless the contrary is agreed. The creditor does not become the proprietor of the property by failure to pay at the agreed time, and any clause to that effect is void. He can only sue the debtor, and obtain sentence for sale of the property. The possession of the property is, however, by the contract, transferred to the creditor. La.Civil Code Arts. 3176-3181.

The "antichresis" is an antiquated contract, and has been resorted to in Louisiana in but a few instances