Legal Framework for Securing the Repayment of Secured Loans Essay

Legal Framework for Securing the Repayment of Secured Loans - Essay Example Thus the two different varieties of debt were different not because they were founded on different kinds of relationships, but rather only because in one the plaintiff could present specialty to evidence the debt (=debt on an obligation) [obligation meaning specialty], whereas in the other the plaintiff only has suit, that is, two people (either actually there in the thirteenth century, or there only by obligation by early in the fourteenth century [contract meaning a transaction (not an agreement), such as buying, selling, lending, borrowing). Do not be fooled by this usage of the word â€Å"contract†: that word is now used for agreements whereas then, the word meant a transaction.1 The difference between the debt on an obligation and debt on a contract, the difference that it made whether one had a specialty or only suit, was in the form of proof that followed. If the plaintiff had a specialty, the defendant had two possible replies: (1) the specialty is a forgery (= not my deed) or (2) I have repaid as proven by your written acquittance under your seal. The debtor could not allege repayment unless he had the written acquittance. The only issue that could go to the jury was whether the specialty was forged (or, after circa 1380, whether the debtor was illiterate so that he did not know what the specialty said so it was, similarly, not his deed). Thus there was no possible discussion about the nature of the debt and a thus little chance for the development of a 1UK Legal Framework, Debt body of substitutive law. ... were founded on different kinds of relationships, but rather only because in one the plaintiff could present specialty to evidence the debt (=debt on an obligation) [obligation meaning specialty], whereas in the other the plaintiff only has suit, that is, two people (either actually there in the thirteenth century, or there only by obligation by early in the fourteenth century (=debt on a contract) [contract meaning a transaction (not an agreement), such as buying, selling, lending, borrowing). Do not be fooled by this usage of the word "contract": that word is now used for agreements whereas then, the word meant a transaction.1 The difference between the debt on an obligation and debt on a contract, the difference that it made whether one had specialty or only suit, was in the form of proof that followed. If the plaintiff had specialty, the defendant had two possible replies: (1) the specialty is a forgery (= not my deed) or (2) I have repaid as proven by your written acquittance under your seal. The debtor could not allege repayment unless he had the written acquittance. The only issue that could go to the jury was whether the specialty was forged (or, after circa 1380, whether the debtor was illiterate so that he did not know what the specialty said so it was, similarly, not his deed). Thus there was no possible discussion about the nature of the debt and thus little chance for the development of a 1UK Legal Framework, Debt 3 body of substitutive law. In debt on a contract substitutive discussion was usually avoided by the defendants plea: I owe nothing.2We