Equity of redemption: Difference between revisions

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-[[File:Dutch door mat.jpg|thumb|A terugkoopvermogen yesterday]]
+{{a|g|[[File:Dutch door mat.jpg|thumb|450px|center|A dutch door mat, or “terugkoopvermogen” yesterday]]
-[[File:Clogs.jpg|thumb|Some clogs yesterday]]
+[[File:Clogs.jpg|thumb|450px|center|Some clogs yesterday]]}}The [[equity of redemption]] is a concept developed by the courts of chancery from an old Dutch {{t|metaphor}}. In the 19th century, a “''terugkoopvermogen''” was a multi-purpose brush mat. By tradition, a Dutch tulip farmer (or miller) expecting guests would lay one at the front door as a place for visitors to put their footwear when visiting.
-An equitable concept invented in Netherlands. A “''terugkoopvermogen''” was originally a mat by the front door where one put ones footwear when visiting a windmill or a tulip farm. By metaphor this was extended to the value of a pledged asset once all liabilities against which it was pledged had been satisfied<ref>Work with me here, okay? It is NOT EASY making light of this stuff.</ref>.
-Hence the expression “Eey oop, my lover, put your [[Clog on the equity of redemption|clogs]] on the [[equity of redemption]] pet” and “Whooargh, he can put his [[Clog on the equity of redemption|clogs]] on my equity of redemption at ''any time''.”
+As long as there were visitors, the ''terugkoopvermogen'' could not be otherwise used: there were clogs on it. Once all the visitors had left, taking their [[clogs]] with them, the farmer was able to take the mat back and put it to a better use.
-This is possibly the worst joke on this whole wiki, and that's saying something.
+The mistranslation occurred when mediocre librettist [[Otto Büchstein]] stayed with just such a farmer on his way visit King George. “''Terugkoop vermogen''” translates literally in English as “redemption equity”.
+By {{t|metaphor}} this was extended to the residual value of an asset to its pledgor once all liabilities against which it was pledged had been satisfied.<ref>Work with me here, okay? It is NOT EASY making light of this stuff.</ref>
+Hence the expression “Eey oop, my lover, put your [[Clog on the equity of redemption|clogs]] on the [[equity of redemption]] pet” and “Whooargh, he can put his [[Clog on the equity of redemption|clogs]] on my [[equity of redemption]] ''any time''.”
+This is possibly the worst joke on this whole wiki, and that’s saying something.
+{{sa}}
+*[[Otto Büchstein]]
+{{ref}}
+{{egg}}{{draft}}