Security and Credit in Roman Law
The Historical Evolution of Pignus and Hypotheca
Series: Oxford Studies in Roman Society & Law;
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Product details:
- Publisher OUP Oxford
- Date of Publication 15 September 2022
- ISBN 9780199695836
- Binding Hardback
- No. of pages448 pages
- Size 242x165x29 mm
- Weight 786 g
- Language English 238
Categories
Short description:
This book outlines the legal history of the concepts of pignus and hypotheca in terms of an iterative relationship between transactional lawyers and Roman jurisprudence. The evolution of the Roman law of real security is reconstructed, with reference to actual banking practices documented from sources such as the archive of the Sulpicii.
MoreLong description:
There are no legal institutions other than pignus and hypotheca (i.e. mortgage) where the formative effect of legal practice can be so clearly observed. Security and Credit in Roman Law outlines the legal history of these institutions in terms of an iterative relationship between transactional lawyers drafting legal transactions and Roman jurisprudence deploying its analytical skills in order to accommodate new transactional practices into the Roman legal system. The evolution of the Roman law of real security, well known through the legal sources (Justinian's Digest and Code), is reconstructed, while matching it with actual banking practices, in particular the secured lending transactions documented in the archive of the Sulpicii. In the late classical period the imperial chancery increasingly interfered with it in order to provide a considerable degree of protection to debtors. The (largely but certainly not completely) spontaneous evolution of Roman law produced a law of secured transactions which was highly sophisticated and versatile, allowing non-possessory security, multiple charges, pledges of receivables, antichretic pledges, and even floating charges over a dynamic fund of assets. Since legal systems often adapt in reaction to impulses from their economic environment, the complexity of the Roman law of real security indicates that pignus and hypotheca did play a significant role in the Roman economy. It will be shown that this role was generally a positive one. Its main weaknesses were lack of publicity and the presence of fiscal charges: even these weaknesses did not undermine the effectiveness of secured transactions.
MoreTable of Contents:
Acknowledgements
Abbreviations
Introduction
Coevolution of law and economy
Mechanisms of legal evolution
Economic environment
Origins
From forfeiture to sale
From pignus to hypotheca
From single to multiple pledge
Pignus nominis and antichresis
From special to general pledge
Fiscal privileges and title registries
Late classical execution practices
Adaptedness of pignus and hypotheca
Appendix
Literature
Index of Legal Sources
General Index
