MORTGAGE

mortgage

(noun) a conditional conveyance of property as security for the repayment of a loan

mortgage

(verb) put up as security or collateral

Source: WordNet® 3.1

---

Etymology

Noun

mortgage (plural mortgages)

(legal) 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.

(obsolete) State of being pledged.

Verb

mortgage (third-person singular simple present mortgages, present participle mortgaging, simple past and past participle mortgaged)

(transitive, legal) 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; to pledge a property in order to get a loan.

(transitive, figurative) To pledge and make liable; to make subject to obligation; to achieve an immediate result by paying for it in the long term.

Source: Wiktionary

---

Mort"gage, n. Etym: [F. mort-gage; mort dead (L. mortuus) + gage pledge. See Mortal, and Gage.]

1. (Law)

Definition: 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)

Definition: 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.

Source: Webster’s Unabridged Dictionary 1913 Edition

---

Do you know this game?

Wordscapes is a popular word game consistently in the top charts of both Google Play Store and Apple App Store. The Android version has more than 10 million installs. This guide will help you get more coins in less than two minutes of playing the game. Continue reading Wordscapes: Get More Coins