Mortgage

6 definitions found

From The Collaborative International Dictionary of English v.0.48 [gcide]:

  Record \Re*cord"\ (r?*k?rd"), v. t. [imp. & p. p. {Recorded}; p.
     pr. & vb. n. {Recording}.] [OE. recorden to repeat, remind,
     F. recorder, fr. L. recordari to remember; pref. re- re- +
     cor, cordis, the heart or mind. See {Cordial}, {Heart}.]
     1. To recall to mind; to recollect; to remember; to meditate.
        [Obs.] "I it you record." --Chaucer.


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     2. To repeat; to recite; to sing or play. [Obs.]
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              They longed to see the day, to hear the lark
              Record her hymns, and chant her carols blest.
                                                    --Fairfax.
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     3. To preserve the memory of, by committing to writing, to
        printing, to inscription, or the like; to make note of; to
        write or enter in a book or on parchment, for the purpose
        of preserving authentic evidence of; to register; to
        enroll; as, to record the proceedings of a court; to
        record historical events.
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              Those things that are recorded of him . . . are
              written in the chronicles of the kings. --1 Esd. i.
                                                    42.
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     {To record a deed}, {mortgage}, {lease}, etc., to have a copy
        of the same entered in the records of the office
        designated by law, for the information of the public.
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From The Collaborative International Dictionary of English v.0.48 [gcide]:

  Mortgage \Mort"gage\ (m[^o]r"g[asl]j; 48), 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.
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     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.
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     2. State of being pledged; as, lands given in mortgage.
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     {Chattel mortgage}. See under {Chattel}.
  
     {To foreclose a mortgage}. See under {Foreclose}.
  
     {Mortgage deed} (Law), a deed given by way of mortgage.
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From The Collaborative International Dictionary of English v.0.48 [gcide]:

  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.
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     2. Hence: To pledge, either literally or figuratively; to
        make subject to a claim or obligation.
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              Mortgaging their lives to covetise.   --Spenser.
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              I myself an mortgaged to thy will.    --Shak.
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From WordNet (r) 2.0 [wn]:

  mortgage
       n : a conditional conveyance of property as security for the
           repayment of a loan
       v : put up as security or collateral

From Moby Thesaurus II by Grady Ward, 1.0 [moby-thes]:

  41 Moby Thesaurus words for "mortgage":
     adjustment mortgage, antichresis, blanket mortgage, bond, bottomry,
     bottomry bond, chattel mortgage, closed mortgage, dead pledge,
     deed of trust, deposit, dip, first mortgage, go bail, handsel,
     hock, hypothec, hypothecate, hypothecation, impignorate,
     installment mortgage, leasehold mortgage, lien, living pledge,
     mortgage deed, mortuum vadium, participating mortgage, pawn,
     pledge, post, put in hock, put in pawn, put up, second mortgage,
     security agreement, spout, stake, third mortgage, trust mortgage,
     vadium mortuum, vadium vivum
  
  

From Bouvier's Law Dictionary, Revised 6th Ed (1856) [bouvier]:

  MORTGAGE, contracts, conveyancing. Mortgages are of several kinds: as the 
  concern the kind of property, mortgaged, they are mortgages of lands, 
  tenements, and, hereditaments, or of goods and chattels; as they affect the 
  title of the thing mortgaged, they are legal and equitable. 
       2. In equity all kinds of property; real or personal, which are capable 
  of an absolute sale, may be the subject of a mortgage; rights in remainder 
  and reversion, franchises, and choses in action, may, therefore, be 
  mortgaged; But a mere possibility or expectancy, as that of an heir, cannot. 
  2 Story, Eq. Jur. Sec. 1021; 4 Kent, Com. 144; 1 Powell, Mortg. 17, 23; 3 
  Meri. 667. 
       3. A legal mortgage of lands may be described to be a conveyance of 
  lands, by a debtor to his creditor, as a pledge and security for the 
  repayment of a sum of money borrowed, or performance of a covenant; 1 Watts, 
  R. 140; with a proviso, that such conveyance shall be void on payment of the 
  money and interest on a certain day, or the performance of such covenant by 
  the time appointed, by which the conveyance of the land becomes absolute at 
  law, yet the, mortgagor has an equity of redemption, that is, a right in 
  equity on the performance of the agreement within a reasonable time, to call 
  for a re-conveyance of the land. Cruise, Dig. t. 15, c. 1, s. 11; 1 Pow. on 
  Mortg. 4 a, n.; 2 Chip. 100; 1 Pet. R. 386; 2 Mason, 531; 13 Wend. 485; 5 
  Verm. 532; 1 Yeates, 579; 2 Pick. 211. 
       4. It is an universal rule in equity that once a mortgage, always a 
  mortgage; 2 Cowen, R. 324; 1 Yeates, R. 584; every attempt, therefore, to 
  defeat the equity of redemption, must fail. See Equity of Redemption. 
       5. As to the form, such a mortgage must be in writing, when it is 
  intended to convey the legal title. 1 Penna. R. 240. It is either in one 
  single deed which contains the whole contract -- and which is the usual form 
  -- or, it is two separate instruments, the one containing an absolute 
  conveyance, and the other a defeasance. 2 Johns. Ch. Rep. 189; 15 Johns. R. 
  555; 2 Greenl. R. 152; 12 Mass. 456; 7 Pick. 157; 3 Wend, 208; Addis. 357; 6 
  Watts, 405; 3 Watts, 188; 3 Fairf. 346; 7 Wend. 248. But it may be observed 
  in general, that whatever clauses or covenants there are in a conveyance, 
  though they seem to import an absolute disposition or conditional purchase, 
  yet if, upon the whole, it appears to have been the intention of the parties 
  that such conveyance should be a mortgage only, or pass an estate 
  redeemable, a court of equity will always so construe it. Vern. 183, 268, 
  394; Prec Ch. 95; 1 Wash. R 126; 2 Mass. R. 493; 4 John. R. 186; 2 Cain. Er. 
  124. 
       6. As the money borrowed on mortgage is seldom paid on the day 
  appointed, mortgages have now become entirely subject to the court of 
  chancery, where it is an established rule that the mortgagee holds the 
  estate merely as a pledge or security for the repayment of his money; 
  therefore a mortgage is considered in equity as personal estate. 
       7. The mortgagor is held to be the real owner of the land, the debt 
  being considered the principal, and the land the accessory; whenever the 
  debt is discharged, the interest of the mortgagee in the lands determines of 
  course, and he is looked on in equity as a trustee for the mortgagor. 
       8. An equitable mortgage of lands is one where the mortgagor does not 
  convey regularly the land, but does some act by which he manifests his 
  determination to bind the same for the security of a debt he owes. An 
  agreement in writing to transfer an estate as a security for the repayment 
  of a sum of money borrowed, or even a deposit of title deeds, and a verbal 
  agreement, will have the same effect of creating an equitable mortgage. 1 
  Rawle, Rep. 328; 5 Wheat. R. 284; 1 Cox's Rep. 211. But in Pennsylvania 
  there is no such a thing as an equitable mortgage. 3 P. S. R. 233. Such an 
  agreement will be carried into execution in equity against the mortgagor, or 
  any one claiming under him with notice, either actual or constructive, of 
  such deposit having been made. 1 Bro. C. C. 269; 2 Dick. 759; 2 Anstr. 427; 
  2 East, R. 486; 9 Ves. jr. 115; 11 Ves. jr. 398, 403; 12 Ves. jr. 6, 192; 1 
  John. Cas. 116; 2 John. Ch. R. 608; 2 Story, Eq. Jur. Sec. 1020. Miller, Eq. 
  Mortg. passim. 
       9. A mortgage of goods is distinguishable from a mere pawn. 5 Verm. 
  532; 9 Wend. 80; 8 John. 96. By a grant or conveyance of goods in gage or 
  mortgage, the whole legal title passes conditionally to the mortgagee, and 
  if not redeemed at the time stipulated, the title becomes absolute at law, 
  though equity will interfere to compel a redemption. But, in a pledge, a 
  special property only passes to the pledgee, the general property remaining 
  in the pledger. There have been some cases of mortgages of chattels, which 
  have been held valid without any actual possession in the mortgagee; but 
  they stand upon very peculiar grounds and may be deemed exceptions to the 
  general rule. 2 Pick. R. 607; 5 Pick. R. 59; 5 Johns. R. 261; Sed vide 12 
  Mass. R. 300; 4 Mass. R. 352; 6 Mass. R. 422; 15 Mass. R. 477; 5 S. & R. 
  275; 12 Wend. 277: 15 Wend. 212, 244; 1 Penn. 57. Vide, generally,, Powell 
  on Mortgages; Cruise, Dig. tit. 15; Viner, Ab. h.t.; Bac. Ab. h.t., Com. 
  Dig. h.t.; American Digests, generally, h.t.; New, York Rev. Stat. p. 2, 
  c. 3; 9 Wend. 80; 9 Greenl. 79; 12 Wend. 61; 2 Wend. 296; 3 Cowen, 166; 9 
  Wend. 345; 12 Wend. 297; 5 Greenl. 96; 14 Pick. 497; 3 Wend. 348; 2 Hall, 
  63; 2 Leigh, 401; 15 Wend. 244; Bouv. Inst. Index, h.t. 
      10. It is proper to, observe that a conditional sale with the right to 
  repurchase very nearly resembles a mortgage; but they are distinguishable. 
  It is said that if the debt remains, the transaction is a mortgage, but if 
  the debt is extinguished by mutual agreement, or the money advanced is not 
  loaned, but the grantor has a right to refund it in a given time, and have a 
  reconveyance, this is a conditional sale. 2 Edw. R. 138; 2 Call, R. 354; 5 
  Gill & John. 82; 2 Yerg. R. 6; 6 Yerg. R. 96; 2 Sumner, R. 487; 1 Paige, R. 
  56; 2 Ball & Beat. 274. In cases of doubt, however, courts of equity will 
  always lean in favor of a mortgage. 7 Cranch, R. 237; 2 Desaus. 564. 
      11. According to the laws of Louisiana a mortgage is a right granted to 
  the creditor over the property of his debtor, for the security of his debt, 
  and gives him the power of having the property seized and sold in default of 
  payment. Civ. Code of Lo. art. 3245. 
      12. Mortgage is conventional, legal or judicial. 1st. The conventional 
  mortgage is a contract by which a person binds the whole of his property, or 
  a portion of it only, in favor of another, to secure the execution of some 
  engagement, but without divesting himself of the possession. Civ. Code, art. 
  3257. 
      13.-2d. Legal mortgage is that which is created by operation of law: 
  this is also called tacit mortgage, because it is established by the law, 
  without the aid of any agreement. Art. 3279. A few examples will show the 
  nature of this mortgage. Minors, persons interdicted, and absentees, "have a 
  legal mortgage on the property of their tutors and curators, as a security 
  for their administration; and the latter have a mortgage on the property of 
  the former for advances which they have made. The property of persons who, 
  without being lawfully appointed curators or tutors of minors, &c., 
  interfere with their property, is bound by a legal mortgage from the day on 
  which the first act of interference was done. 
      14.-3d. The judicial mortgage is that resulting from judgments, 
  whether these be rendered on contested cases or by default, whether they be 
  final or provisional, in favor of the person obtaining them. Art. 3289. 
      15. Mortgage, with respect to the manner in which it binds the property, 
  is divided into general mortgage, or special mortgage. General mortgage is 
  that which binds all the property, present or future, of the debtor. Special 
  mortgage is that which binds only certain specified property. Art. 3255. 
      16. The following objects are alone susceptible of mortgage: 1. 
  Immovables, subject to alienation, and their accessories considered likewise 
  as immovable. 2. The usufruct of the same description of property with its 
  accessories during the time of its duration. 3. Slave's. 4. Ships and other 
  vessels. Art. 3256.