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Mortgage
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Meaning
Noun
●
In Law:
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.
●
State of being pledged.
Verb
●
In Law:
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
.
●
To
pledge
and make
liable
; to make
subject
to
obligation
; to
achieve
an
immediate
result by
paying
for it
in the long term.
Sourced from
Wiktionary
Origin
mortgage
English
mortgage
Anglo-Norman
Sourced from
Etym
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