a pledge in law, is either vivum or mortuum.

Vadium Vivum, or Living Pledge, is when a man borrows a sum (suppose 20l.) of another; and grants him an estate, as of 20l. per annum, to hold till the rents and profits shall repay the sum so borrowed. This is an estate conditioned to be void as soon as such sum is raised. And in this case the land or pledge is said to be living: it subsists, and survives the debts; and, immediately on the discharge of that, returns back to the borrower.

Vadium Mortuum, or Dead Pledge. See Mortgage.