(n) a security created when a group of mortgages are gathered together and bonds are sold to other institutions or the public; investors receive a portion of the interest payments on the mortgages as well as the principal payments; usually guaranteed by the government
{ or }. One that covers a group or class of things or properties instead of one or more things mentioned individually, as where a mortgage secures various debts as a group, or subjects a group or class of different pieces of property to one general lien. [ Webster 1913 Suppl. ]
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. [ 1913 Webster ]
2. Hence: To pledge, either literally or figuratively; to make subject to a claim or obligation. [ 1913 Webster ]
Mortgaging their lives to covetise. Spenser. [ 1913 Webster ]
I myself an mortgaged to thy will. Shak. [ 1913 Webster ]
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. [ 1913 Webster ]
☞ 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. [ 1913 Webster ]
2. State of being pledged; as, lands given in mortgage. [ 1913 Webster ]
Chattel mortgage. See under Chattel. -- To foreclose a mortgage. See under Foreclose. -- Mortgage deed (Law), a deed given by way of mortgage. [ 1913 Webster ]
{ } n. (Law) One who gives a mortgage. [ 1913 Webster ]
☞ The letter e is required analogically after the second g in order to soften it; but the spelling mortgagor is in fact the prevailing form. When the word is contradistinguished from mortgagee it is accented on the last syllable [ 1913 Webster ]
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