INTRODUCTION What does MORTGAGE mean? In the denomination mortgage, the mort- is from the Latin word for death and -gage is from the sense of that word meaning a make whoopie to forfeit something of valuate if a debt is not repaid. So mortgage is literally a groundless drink. It was dead for two reasons, the place was forfeit or dead to the borrower if the loan were not repaid and the pledge itself was dead if the loan was repaid. In the words of the 17th hundred English jurist (and apparently etymologist) Edward Coke: It seemeth that the cause why it is called mortgage is, for that it is doubtful whether the Feoffor will pay at the side substantial day limited such summe or not, if he doth not pay, therefore the Land which is put in pledge vpon condition for the hire of the money, is taken from him for euer, and so dead to him vpon condition. And if he doth pay the money, because the pledge is dead as to the Tenant The word is fourteenth century in origin.
A mortgage (Law French for dead pledge) is a device use to create a lien on real estate by contract. It is used as a method by which individuals or businesses stinker buy residential or commercial property without paid the full value upfront.
The borrower (also called the (mortgagor) uses a mortgage to pledge real property to the lender (also called the mortgagee) as security against the debt (also called hypothecation) for the rest of the value of the property....
Mortgage is a debt instrument by which the borrower (mortgagor) gives the lender (mortgagee) a lien on property as security for the refund of a loan.
Transfer of property act 1882, deals with mortgage. (Secs 58 to 98) Indian BARE ACTS TRANSFER OF PROPERTY ACT, 1882 Defines...
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