kustingbrief, noun

/ˈkəstəŋbrif//ˈkœstəŋbrif/
Plurals:
kustingbrieven/ˈkəstəŋbrivən/.
Origin:
South African DutchShow more South African Dutch, kusting mortgage + brief letter.
historical, Law
A mortgage bond registered simultaneously with the transfer of property, and offering the mortgagee certain privileges should the mortgagor become insolvent; kusting. See also bond noun1.
1862 Stat. Law of Cape of G.H. 3There hath hitherto remained unused and not adopted in practice in this government, the registration of Kusting Brieven, Obligations before Schepenen..‘inasmuch as it can never be seen what may be due by any persons by Kusting Brieven or Obligations before Schepenen, Orphan Masters, and writings of Mortgage on their immovable property’.
1884 Cape Law Jrnl I. 323It can never be seen what may be due by any persons by Kustingbrieven.
1913 C. Pettman Africanderisms 286Kusting or Kustingbrief,..A mortgage bond upon a property covering the balance due on the purchase price of the property.
1918 Act 13 in Stat. of Union 242The provisions of this section shall not apply to bonds intended to secure the purchase money of land and passed simultaneously with the transfer thereof (kustingbrieven).
1944 G. Denoon in S. Afr. Law Jrnl 190The kustingbrief still figures in Section 88 of the Insolvency Act, 1936, where the special privilege appertaining to the true kustingbrief has been retained, in ignorance of the fact that the instrument has been dead for over a century.
1944 G. Denoon in S. Afr. Law Jrnl 287In 1823 transfer and bond forms were translated into English...As no exact equivalent for kustingbrief was found in English, the translated kustingbrief forms were also headed ‘Mortgage Bond’.
1944 G. Denoon in S. Afr. Law Jrnl 289The name persisted...It is therefore not surprising that before a generation had passed the term should have been applied to the mortgage bond which supplied the place of kustingbrief with greater efficiency.
1961 G. Wille Law of Mortgage & Pledge 44A kustingbrief is a particular variety of special mortgage bond. It is a bond intended to secure the purchase money of land and passed simultaneously with the transfer thereof.
1975 H. Silberberg Law of Property 330A kustingbrief is a mortgage bond passed to secure the purchase price (or any portion thereof) of land. It need not be in favour of the seller, but may be passed in favour of any person that has lent and advanced money to the mortgagor towards the purchase price of the land to be mortgaged. It is of the essence of a kustingbrief that it is passed..simultaneously, with the transfer of the property. It is distinguished from ordinary mortgage bonds by the fact that it confers certain privileges on the mortgagee in the event of the mortgagor’s insolvency.
A mortgage bond registered simultaneously with the transfer of property, and offering the mortgagee certain privileges should the mortgagor become insolvent; kusting.
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historical
kusting, nounn.Kwa-, prefixpref.
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