Land and Credit by Chris Briggs & Jaco Zuijderduijn

Author:Chris Briggs & Jaco Zuijderduijn
Language: eng
Format: epub
Publisher: Springer International Publishing, Cham

6.4.6 Security Underpinning Loans

In addition to the high average loan size, the most striking aspect of the loans under consideration is the predominance of land pledges as the sole or prime means of security, as indicated in Table 6.3, which covers the 267 loans for which the form of security is known. Land was the sole element in 73% of cases and at least one element in 84% of cases. This is a completely different picture from most of the other case studies of Jewish lending. It seems that the mortgage emerged as the main type of loan during this period and in this location, begging the question as to how far it reflects social conflict and thus the lowering of inter-communal trust, the relatively high average loan value in Zaragoza, requiring stronger asset backing than the traditional guarantee, or the growth in a broader economic role of property. Table 6.3 also illustrates that the lowest value transactions were secured by guarantor alone and the highest value by pledge of land and/or other property, although the differential between average value of the sample and that of mortgages is not dramatic. Indeed, the proportion of very large loans backed by land is very similar to the average. Of the loans valued over 500s., security is known for thirty-four cases (out of sixty-five), five backed by pledge of goods only, twenty-six by land only (76%) and three by both land and goods. For the relatively large municipal loans, security is not stated in most extant documents although, in at least one example, it is backed by goods of each of the leading citizens (honrats). 1 Table 6.3Loan security

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