mortgage

mort·gage (môr’gĭj)
n.
1. A loan for the purchase of real property, secured by a lien on the property.
2. The document specifying the terms and conditions of the repayment of such a loan.
3. The repayment obligation associated with such a loan: »

a family who cannot afford their mortgage.

4. The right to payment associated with such a loan: »

a bank that buys mortgages from originators.

5. The lien on the property associated with such a loan.
tr.v. mort·gaged, mort·gag·ing, mort·gag·es 1) To pledge (real property) as the security for a loan. 2) To make subject to a claim or risk; pledge against a doubtful outcome: »

mortgaged their political careers by taking an unpopular stand.

[Middle English morgage, from Old French : mort, dead (from Vulgar Latin *mortus, from Latin mortuus, past participle of morī, to die; see mer-) + gage, pledge (of Germanic origin).]
Word History: In early Anglo-Norman law, property pledged as security for a loan was normally held by the creditor until the debt was repaid. Under this arrangement, the profits or benefits that accrued to the holder of the property could either be applied to the discharge of the principal or taken by the creditor as a form of interest. In his Tractatus de legibus et consuetudinibus regni Angliae (1189), Ranulf de Glanville explains that this latter type of pledge, in which the fruits of the property were taken by the creditor without reduction in the debt, was known by the term mort gage, which in Old French means "dead pledge." Because of Christian prohibitions on profiting from money lending, however, the mortgage was considered a species of usury. The preferred type of pledge, in which the property's profits went to paying off the debt and thus continued to benefit the borrower, was known in Old French by the term vif gage, "living pledge." By the time of the great English jurist Thomas Littleton's Treatise on Tenures (1481), however, the mortgage had evolved into its modern form—a conditional pledge in which the property (and its profits) remain in possession of the debtor during the loan's repayment. This led Littleton and his followers, such as the influential jurist Sir Edward Coke (1552-1634), to explain the mort in mortgage in terms of the permanent loss of the property in the event the borrower fails to repay, rather than of the loss of the profits from the property over the duration of the loan.

Word Histories. 2014.

Synonyms:
(for the payment of a debt)


Look at other dictionaries:

  • Mortgage — (ипотека) право получить удовлетворение за счет недвижимости, выступающей в качестве обеспечения кредита …   Ипотека. Словарь терминов

  • mortgage — mort·gage 1 / mȯr gij/ n [Anglo French, from Old French, from mort dead (from Latin mortuus ) + gage security] 1 a: a conveyance of title to property that is given to secure an obligation (as a debt) and that is defeated upon payment or… …   Law dictionary

  • 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… …   The Collaborative International Dictionary of English

  • Mortgage — kann bezeichnen: Mortgage (England und Wales), eine Sicherheit für eine Forderung nach englischem Recht Mortgage (Vereinigte Staaten), eine Sicherheit für eine Forderung nach US amerikanischem Recht Mort gage, in der französischen… …   Deutsch Wikipedia

  • mortgage — [môr′gij] n. [OFr morgage, mort gage, lit., dead pledge < mort, dead (see MORT1) + gage,GAGE1] 1. a) the pledging of property to a creditor as security for the payment of a debt b) such a debt 2 …   English World dictionary

  • mortgage — Note the spelling with t . The lender in a mortgage contract is called the mortgagee, and the borrower the mortgager (or in legal work, mortgagor) …   Modern English usage

  • 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 Collaborative International Dictionary of English

  • mortgage — An interest given on real property to guarantee the payment of a debt or execution of some action. (Dictionary of Canadian Bankruptcy Terms) United Glossary of Bankruptcy Terms 2012 …   Glossary of Bankruptcy

  • mortgage — (izg. mòrgidž) m DEFINICIJA term. poseban pravni institut engleskoga prava; hipoteka, zalog, založena imovina ETIMOLOGIJA engl. ← stfr. ← mort: mrtav (← lat. mortuus: mrtav) + gage: zalog, jamstvo …   Hrvatski jezični portal

  • mortgage — [n] loan agreement contract, debt, deed, homeowner’s loan, pledge, title; concept 332 …   New thesaurus

  • mortgage — ► NOUN 1) a legal agreement by which a person takes out a loan using as security real property (usually a house which is being purchased). 2) an amount of money borrowed or lent under such an agreement. ► VERB ▪ transfer the title to (a property) …   English terms dictionary

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