Meaning of hypothec

hy•poth•ec

Pronunciation: (hī-poth'ik, hi-), [key]
— n.
  1. a mortgage or security held by a creditor on the property of a debtor without possession of it, created either by agreement or by operation of law.
  2. (in some modern legal systems) a security interest created in immovable property.
Random House Unabridged Dictionary, Copyright © 1997, by Random House, Inc., on Infoplease.