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08:15 Jan 9, 2008
This question was closed without grading. Reason: Answer found elsewhere
Spanish to English translations [PRO] Bus/Financial - Finance (general)
Spanish term or phrase:hipoteca de máximo
Also known as "hipoteca flotante"
Defined as follows:
"Se trata de aquella hipoteca de seguridad (constituida en garantía de determinada obligación cuyos elementos no se encuentran todos registralmente determinados) en la que no aparece fijado el importe exacto de la obligación asegurada, sino sólo el máximo a que puede ascender la responsabilidad hipotecaria.
Recordamos que la responsabilidad hipotecaria es la suma de todos los conceptos que son garantizados mediante la hipoteca (el capital prestado, los intereses ordinarios, los intereses de demora, costas judiciales, gastos, etc.).
Richard and Edward. Thanks so much to both of you for your suggestions. I've decided to use the suggestion put forward by MJ's client and put it in quotes (http://www.proz.com/kudoz/863582). Seemed to reflect the idea and in any case, as it's a Spanish context, the terms would have to be familiar to the English-speaking reader for practical purposes.
Explanation: This is typical for credit lines based on secured/ mortgaged real estate. This is the amount of the note securing the property (thus giving notice to any future subordinated lenders/ mortgagees) and also the amount used for calculating any mortgage or recording taxes or fees, regardless of whether any or all is taken.
Any subordinate mortgages would also only be secured to the extent there is equity remaining after the total amount of the maximum mortgage.
RichardDeegan Local time: 20:36 Specializes in field Native speaker of: English PRO pts in category: 24