\Hy*poth"e*cate\, v. t. [imp. & p. p.
{Hypothecated}; p. pr. & vb. n. {Hypothecating}.] [LL.
hypothecatus, p. p. of hypothecare to pledge, fr. L.
hypotheca pledge, security. See {Hypotheca}.] (Law)
To subject, as property, to liability for a debt or
engagement without delivery of possession or transfer of
title; to pledge without delivery of possession; to mortgage,
as ships, or other personal property; to make a contract by
bottomry. See {Hypothecation}, {Bottomry}.
      He had found the treasury empty and the pay of the navy
      in arrear. He had no power to hypothecate any part of
      the public revenue. Those who lent him money lent it on
      no security but his bare word.           --Macaulay.