Advertisement
Advertisement
mortgagor
[ mawr-guh-jer ]
mortgagor
/ ˈmɔːɡɪdʒə; ˌmɔːɡɪˈdʒɔː /
noun
- property law a person who borrows money by mortgaging his property to the lender as security
Discover More
Word History and Origins
Origin of mortgagor1
Discover More
Example Sentences
Until the mortgagor fails to execute his part of the agreement, he retains possession of the property.
On the other hand a somewhat different rule applies between mortgagor and mortgagee.
If there is a surplus after satisfying the mortgage debt it must be paid to the mortgagor, or, if he is dead, to his heir.
If they are destroyed by fire, the mortgagor cannot claim to have the insurance applied in liquidation of the mortgage debt.
If the sums collected from the two sources exceed the amount advanced to the mortgagor that is only the mortgagee's affair.
Advertisement
Word of the Day
[pet-ri-kawr]
Meaning and examplesStart each day with the Word of the Day in your inbox!
By clicking "Sign Up", you are accepting Dictionary.com Terms & Conditions and Privacy Policies.
Advertisement
Advertisement
Advertisement
Browse