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Philip T. Hoffman, Gilles Postel-Vinay, and Jean-Laurent Rosenthal

Print publication date: 2019

Print ISBN-13: 9780691182179

Published to Princeton Scholarship Online: May 2019

DOI: 10.23943/princeton/9780691182179.001.0001

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PRINTED FROM PRINCETON SCHOLARSHIP ONLINE (www.princeton.universitypressscholarship.com). (c) Copyright Princeton University Press, 2020. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in PRSO for personal use.date: 26 February 2020

Banks and Notaries

Banks and Notaries

Chapter:
(p.176) Chapter 7 Banks and Notaries
Source:
Dark Matter Credit
Author(s):

Philip T. Hoffman

Gilles Postel-Vinay

Jean-Laurent Rosenthal

Publisher:
Princeton University Press
DOI:10.23943/princeton/9780691182179.003.0008

This chapter shows that there were two conceivable ways that banks could have engaged in lending. First, they could have entered the mortgage market as lenders but not relied on a notary to do anything except draw up the loan contracts. At the other extreme, banks might not have competed at all with notaries; rather, their short-term commercial loans might have complemented the notaries' business in arranging mortgages. The chapter examines both possibilities, along with more realistic alternatives between the two extremes, including one in which notaries tried to compete with banks. Notaries, however, were not driven out of business by banks. Many notaries were in fact tempted to take money on deposit and start making short-term loans, at least until the 1880s, when the government enforced prohibitions on the practice.

Keywords:   banks, notaries, lending, mortgage market, loan contracts, commercial loans, short-term loans, 1880s

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