Lexic.us

Definition of Mortgage

1. Verb. Put up as security or collateral.

2. Noun. A conditional conveyance of property as security for the repayment of a loan.

Definition of Mortgage

1. n. A conveyance of property, upon condition, as security for the payment of a debt or the preformance of a duty, and to become void upon payment or performance according to the stipulated terms; also, the written instrument by which the conveyance is made.

2. v. t. To grant or convey, as property, for the security of a debt, or other engagement, upon a condition that if the debt or engagement shall be discharged according to the contract, the conveyance shall be void, otherwise to become absolute, subject, however, to the right of redemption.

Definition of Mortgage

1. Noun. A special form of secured loan where the purpose of the loan must be specified to the lender, to purchase assets that must be fixed (not movable) property such as a house or piece of farm land. The assets are registered as the legal property of the borrower but the lender can seize them and dispose of them if they are not satisfied with the manner in which the repayment of the loan is conducted by the borrower. Once the loan is fully repaid, the lender loses this right of seizure and the assets are then deemed to be unencumbered. ¹

2. Verb. As in "to mortgage a property", to borrow against a property, to obtain a loan for another purpose by giving away the right of seizure to the lender over a fixed property such as a house or piece of land. ¹

¹ Source: wiktionary.com

Definition of Mortgage

1. to pledge to a creditor as security [v -GAGED, -GAGING, -GAGES]

Lexicographical Neighbors of Mortgage

mortarboard mortarboards mortared mortaria mortaring mortarium mortarless mortarlike mortarman mortarmen

mortars mortary mortbell mortbells mortgagable mortgage (current term) mortgage-backed security mortgage application mortgage bond mortgage bonds

mortgage deed mortgage holder mortgage lender mortgage loan mortgageable mortgaged mortgagee mortgagees mortgageless mortgager

Literary usage of Mortgage

Below you will find example usage of this term as found in modern and/or classical literature:

1. United States Supreme Court Reports by Lawyers Co-operative Publishing Company, United States Supreme Court (1912)
"The supplemental mortgage is a mere chattel mortgage and never was filed ... The mortgage was never renewed by affidavit, and expired one year from date. ..."

2. South Eastern Reporter by West Virginia Supreme Court of Appeals, West Publishing Company, South Carolina Supreme Court (1919)
"On August 26, 1918, the Baltimore Trust Company filed a demurrer on the ground that the intervener did not set up a claim superior to the mortgage. ..."

3. Commentaries on the Laws of England by William Blackstone, William Carey Jones (1915)
"A concise definition of mortgage which should embrace both its equitable and its legal character is virtually impossible. Considered in its modern character ..."

4. United States Supreme Court Reports by Lawyers Co-operative Publishing Company, United States Supreme Court (1885)
"This mortgage was authorized and ratified by the laws of the several States mentioned. A copy of the instrument is annexed to the bill. ..."

5. Supreme Court Reporter by Robert Desty, United States Supreme Court, West Publishing Company (1914)
"A clause in a mortgage by which it was agreed that the crops made by the mortgagor should be shipped to the mortgagees, who should sell them, applying the ..."

6. Commentaries on American Law by James Kent (1873)
"the mortgagee for nonpayment of the money according to the proviso, would seem to be confined to the land, where the mortgage is without any express ..."

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