Definition of mortgage
- n. - 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.
- n. - State of being pledged; as, lands given in mortgage.
- v. t. - 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.
- v. t. - Hence: To pledge, either literally or figuratively; to
make subject to a claim or obligation.