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mortgage The transfer of an estate or interest in land or other property in order to secure the payment of a debt or the discharge of some other obligation. Example: A borrows money from B and later conveys property to B as security for repayment of the loan; A is the mortgage may be legal or equitable. It may be discharged by foreclosure, redemption, exercise of mortgagees power of sale, merger. |
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See Also: Statutory Definition |