"Mortgage" is a word in LAW AND LEGAL, ENGLISH
An estate created by a conveyance absolute ln lts form, hut intended to secure the performance of some act, such as the payment of money, and the like, by the grantor or some other person, and to become void lf the act is performed agreeably to the terms prescribed at the time of making such conveyance. 1 washb. Real Prop. *473
Hence: To pledge, either literally or figuratively; to
make subject to a claim or obligation.
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.
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.
State of being pledged; as, lands given in mortgage.
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Read the complete definitionA clause sometimes inserted in mortgages and deeds of trust, giv-lng the mortgagee (or trustee) the rlght and power, on …
Read the complete definition