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The Other Fundamental Problem of Exchange: Mortgages, Defaults and Debtor Protection in Sixteenth-Century Holland

In: Land and Credit

Author

Listed:
  • Jaco Zuijderduijn

    (Lund University)

Abstract

Mortgages, defaults and foreclosures of real estate have often been linked to the decline of peasant smallholding, and the rise of commercial farms run by townsmen and operated by landless labourers. However, little is known of how mortgage law was applied in practice. This chapter presents a case study, focusing on villagers who lost real estate during the process of expropriation for debt. It finds that there were large differences between the legal rights creditors held to pursue their debtors and their ability to enforce these rights. This was due to two characteristics of mortgage contracts: first, judges in local law courts had to authorize foreclosure, and as a result the execution of mortgage law was at their discretion. Second, judges looking to apply leniency were helped by the fact that mortgage contracts usually contained both a special and general mortgage. This allowed judges to allow only seizure of movables, thus preventing large-scale expropriation of real estate. As a result, the number of foreclosures of real estate was rather modest and expropriation was mainly applied in exceptional circumstances, such as debtors fleeing their creditors.

Suggested Citation

  • Jaco Zuijderduijn, 2018. "The Other Fundamental Problem of Exchange: Mortgages, Defaults and Debtor Protection in Sixteenth-Century Holland," Palgrave Studies in the History of Finance, in: Chris Briggs & Jaco Zuijderduijn (ed.), Land and Credit, chapter 0, pages 281-307, Palgrave Macmillan.
    • Handle: RePEc:pal:psitcp:978-3-319-66209-1_11
    DOI: 10.1007/978-3-319-66209-1_11
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