Submortgagee
Definition, Meaning & Examples
Part of speech noun
Quick meaning: Submortgagee is a noun meaning (law) One who provides a loan secured by a mortgagee's interest in a mortgage and in effect becomes the assignee of that mortgage.
Meaning
(law) One who provides a loan secured by a mortgagee's interest in a mortgage and in effect becomes the assignee of that mortgage.
Example Sentences
Accordingly, the submortgagee can take no action against the ship or owner unless and until the underlying mortgage becomes enforceable.
Word Forms
- submortgagees
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Sources & Attribution
FreeDictionaryAPI.com / Wiktionary · Original source · CC BY-SA 4.0
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