welch mortgage

from Bouvier's Law Dictionary, Revised 6th Ed (1856)
WELCH MORTGAGE, Eng. law, contracts. A species of security which partakes of 
the nature of a mortgage, as there is a debt due, and an estate is given as 
a security for the repayment, but differs from it in the circumstances that 
the rents and profits are to be received without account till the principal 
money is paid off, and there is no remedy to enforce payment, while the 
mortgagor has a perpetual power of redemption. 
     2. It is a species of vivum vadium. Strictly, however, there is this 
distinction between a Welch mortgage and a vivum vadium. In the latter the 
rents and profits of the estate are applied to the discharge of the 
principal, after paying the interest; while in the former the rents and 
profits are received in satisfaction of his interest only. 1 Pow. Mortg. 
373, a. 
    

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