Definition of Antichresis

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. Guyot, Repert.; Marquise De Portes v. Hurlbut, 44 N. J. Eq. 517, 14 Atl. 891. A debtor may give as security for his debt any immovable which belongs to him, the creditor having the right to enjoy the use of it on account of the interest due, or of the capital lf there is no interest due; this is called "antichresis." Civ. Code Mex. art 1927. By the law of Louisiana, there are two kinds of pledges,—the pawn and the antichresis. A pawn relates to movables, and tjbe 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, snd 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. Livingston v. Story, 11 Pet. 351, 9 L. Ed. 746.