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  3. Law: Contract(s)

Hipoteca abierta de cuantía indeterminada

English translation: open-end mortgage (AmE); \'all monies\' charge (E&W); Standard Security (Scotland)

GLOSSARY ENTRY (DERIVED FROM QUESTION BELOW)
Spanish term or phrase:Hipoteca abierta de cuantía indeterminada
English translation:open-end mortgage (AmE); \'all monies\' charge (E&W); Standard Security (Scotland)
Entered by: Adrian MM.

22:11 Oct 29, 2023
Spanish to English translations [PRO]
Law/Patents - Law: Contract(s)
Spanish term or phrase: Hipoteca abierta de cuantía indeterminada
ESCRITURA PÚBLICA NÚMERO 1530
FECHA: 30 DE MAYO DE 2002
OTORGADA ANTE LA NOTARÍA QUINTA DEL CÍRCULO DE PEREIRA
SUPERINTENDENCIA DE NOTARIADO Y REGISTRO
FORMATO DE CALIFICACIÓN
CLASE DE ACTO O CONTRATO
HIPOTECA ABIERTA DE CUANTIA INDETERMINADA
CÓDIGO 205
CUANTÍA $2.000.000.00 (pesos colombianos)

____________
Hello, dear colleagues. Hope you are all doing great. As you can see, this is from a Colombian public deed. Thanks a lot for your help!
Eduardo López
Puerto Rico
Local time: 07:43
open-end mortgage (AmE; 'all monies' charge (E&W); Standard Security (Scotland)
Explanation:
I thought we have had this interesting query before, but I can't find it on ProZ.

hipoteca abierta: open-end mortgage, West, Mex- etc. SPA/ US Am. ENG > cut legally and rhythmically to Puerto Rico. 'A mortgage that allows the borrowing of additional sums without having to enter into a new contract'.
Selected response from:

Adrian MM.
Austria
Grading comment
Thanks a lot, everyone!
4 KudoZ points were awarded for this answer



Summary of answers provided
4 +3open-end mortgage for an indeterminate amount
patinba
5 +1Revolving mortgage
Francois Boye
4open-end mortgage (AmE; 'all monies' charge (E&W); Standard Security (Scotland)
Adrian MM.


Discussion entries: 1





  

Answers


33 mins   confidence: Answerer confidence 4/5Answerer confidence 4/5
hipoteca abierta de cuantía indeterminada
open-end mortgage (AmE; 'all monies' charge (E&W); Standard Security (Scotland)


Explanation:
I thought we have had this interesting query before, but I can't find it on ProZ.

hipoteca abierta: open-end mortgage, West, Mex- etc. SPA/ US Am. ENG > cut legally and rhythmically to Puerto Rico. 'A mortgage that allows the borrowing of additional sums without having to enter into a new contract'.

Example sentence(s):
  • All monies In the context of loan financing, the expressions "all monies clause", "all monies security" and "all monies guarantee" usually refer to security or a guarantee which covers all amounts which the debtor owes to the creditor from time to time
  • Scots law: The Standard Security forms are “all monies” securing all obligations to the Bank present and future and not limited to the amount of the finance

    Reference: http://www.proz.com/kudoz/english-to-spanish/finance-general...
    Reference: http://uk.practicallaw.thomsonreuters.com/6-500-5886?transit...
Adrian MM.
Austria
Specializes in field
Native speaker of: Native in EnglishEnglish
PRO pts in category: 278
Grading comment
Thanks a lot, everyone!
Notes to answerer
Asker: Thanks a lot, Adrian!


Peer comments on this answer (and responses from the answerer)
neutral  AllegroTrans: I associate all monies charges with corporate borrowing by legal entities from banks (overdrafts), not with mortgages; and a (Scottish) standard security does NOT equate to an open-end mortgage https://www.ilawsscotland.co.uk/your-standard-securit
18 hrs
  -> Disgraceful ignorance of conveyancing, so you ought to have kept out of this answer. All-charges is also a home-owner's risk scenario https://legalbeagles.info/forums/forum/legal-forums/housing-...
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2 hrs   confidence: Answerer confidence 5/5 peer agreement (net): +1
Revolving mortgage


Explanation:
Revolving home loans work like a big overdraft. Your loan becomes your everyday account, so money flows in and out of your loan balance as you get paid and as you spend and pay bills. Unlike term loans, there are no set repayments on set dates. You can make repayments whenever you like, for as much as you like.

Francois Boye
United States
Local time: 07:43
Native speaker of: Native in FrenchFrench
PRO pts in category: 68

Peer comments on this answer (and responses from the answerer)
agree  AllegroTrans
12 hrs
  -> Thanks!
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26 mins   confidence: Answerer confidence 4/5Answerer confidence 4/5 peer agreement (net): +3
open-end mortgage for an indeterminate amount


Explanation:
What Is an Open-End Mortgage? An open-end mortgage is a type of mortgage that allows the borrower to increase the amount of the mortgage principal outstanding at a later time. Open-end mortgages permit the borrower to go back to the lender and borrow more money.

Open-End Mortgage: Overview, Benefits, Examples
Investopedia

Security Agreement, Assignment of Rents and Fixture Filing
Rackcdn.com
http://c1205b3963f85910ef48-8cba088fab863ca0f22e036602078b71... › ...
Open-End Mortgage. This Security Instrument is given to secure the payment of ... indeterminate amount” under Minnesota Statutes. Section 287.05, Subd. 5, and ...

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Note added at 16 hrs (2023-10-30 14:40:02 GMT)
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An open-end mortgage differs from revolving credit because the funds are usually available only for a specified time. The terms of revolving credit specify that the funds stay open indefinitely, with the exception being if a borrower defaults.

Open-End Mortgage: Overview, Benefits, Examples

patinba
Argentina
Local time: 08:43
Native speaker of: Native in EnglishEnglish
PRO pts in category: 564

Peer comments on this answer (and responses from the answerer)
agree  Andrew Bramhall: Sounds plausible to me;
2 hrs
  -> Thank you!
neutral  Francois Boye: They call it a revolving mortgage
3 hrs
agree  ANGELA DELANEY: I am not sure that we would need for an indeterminate amount as this is implied in the term 'open-end mortgage'.
11 hrs
  -> Could be. Thank you.
agree  AllegroTrans
13 hrs
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