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Equity of redemption: Difference between revisions
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[[File:Dutch door mat.jpg|thumb|A dutch door mat, or “terugkoopvermogen” yesterday]] | [[File:Dutch door mat.jpg|thumb|A dutch door mat, or “terugkoopvermogen” yesterday]] | ||
[[File:Clogs.jpg|thumb|Some clogs yesterday]] | [[File:Clogs.jpg|thumb|Some clogs yesterday]] | ||
The [[equity of redemption]] is a concept developed by the courts of chancery from an old Dutch metaphor. In the 19th century, a “''terugkoopvermogen''” was a multi-purpose brush mat.</ref> 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. | 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.</ref> 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. | ||
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. | 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. | ||
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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”. | 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 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>. | 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''.” | 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''.” | ||