Submortgage
Definition, Meaning & Examples
Part of speech noun
Quick meaning: Submortgage is a noun meaning (law) A secured loan whereby a mortgagee uses his interest in a mortgage as collateral on a loan with a third party, in effect transferring or assigning the mortgage thereto.
Meaning
(law) A secured loan whereby a mortgagee uses his interest in a mortgage as collateral on a loan with a third party, in effect transferring or assigning the mortgage thereto.
Example Sentences
The amount secured by the submortgage can never exceed the amount secured by the original mortgage.
Word Forms
- submortgages
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Sources & Attribution
FreeDictionaryAPI.com / Wiktionary · Original source · CC BY-SA 4.0
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