Quote Originally Posted by shikamaru View Post
A mortgage is a "dead pledge". It is property that produces income, but the income proceeds go to the creditor without buying down the debt.

Redemption is the buying back of the pledge (property).

In medieval times, the title of the property would change hands from debtor to creditor with clauses in the contract allowing the debtor to redeem the property from the creditor.
Very good explanation. Wonderful!

In conjunction with bottomry and Rules of Admiralty we can get a rounded portrait of central banking. Plus the Bretton Woods Agreements, SDR's and the Amendments all point us to understand the role of War and Emergency with martial rule.