Welsh mortgage

noun

: an obsolete mortgage in which the mortgagee may keep the rents and profits of the estate in satisfaction of interest but cannot enforce payment of the principal and the mortgagor can redeem at any time by payment of the principal compare living pledge

Word History

First Known Use

1726, in the meaning defined above

The Ultimate Dictionary Awaits

Expand your vocabulary and dive deeper into language with Merriam-Webster Unabridged.

1. Expanded definitions
2. Detailed etymologies
3. Advanced search tools
4. All ad-free

Discover what makes Merriam-Webster Unabridged the essential choice for true word lovers.

Start Your Free Trial Now