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Definitions for: Mortgage
[n] a conditional conveyance of property as security for the repayment of a loan
[v] put up as security or collateral
Webster (1913) Definition: Mort"gage, n. [F. mort-gage; mort dead (L. mortuus) +
gage pledge. See Mortal, and Gage.]
1. (Law) 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.
Note: It was called a mortgage (or dead pledge) because,
whatever profit it might yield, it did not thereby
redeem itself, but became lost or dead to the mortgager
upon breach of the condition. But in equity a right of
redemption is an inseparable incident of a mortgage
until the mortgager is debarred by his own laches, or
by judicial decree. --Cowell. Kent.
2. State of being pledged; as, lands given in mortgage.
Chattel mortgage. See under Chattel.
To foreclose a mortgage. See under Foreclose.
Mortgage deed (Law), a deed given by way of mortgage.
Mort"gage, v. t. [imp. & p. p. Mortgaged; p. pr. &
vb. n. Mortgaging.]
1. (Law) 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.
2. Hence: To pledge, either literally or figuratively; to
make subject to a claim or obligation.
Mortgaging their lives to covetise. --Spenser.
I myself an mortgaged to thy will. --Shak.
See Also: bond, chattel mortgage, first mortgage, owe, second mortgage, security interest
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