Mortgage
King James Dictionary [1]
Mortgage n. mor'gage.
1. Literally, a dead pledge the grant of an estate in fee as security for the payment of money, and on the condition that if the money shall be paid according to the contract, the grant shall be void, and the mortgagee shall re-convey the estate to the mortgager. Formerly the condition was,that if the mortgager should repay the money at the day specified, he might then re-enter on the estate granted in pledge but the modern practice is for the mortgagee, on receiving payment, to reconvey the land to the mortgager. Before the time specified for payment, that is, between the time of contract and the time limited for payment, the estate is conditional, and the mortgagee is called tenant in mortgage but on failure of payment at the time limited, the estate becomes absolute in the mortgagee. But in this case, courts of equity interpose,and if the estate is of more value than the debt, they will on application grant a reasonable time for the mortgager to redeem the estate. This is called the equity of redemption. 2. The state of being pledged as lands given in mortgage. 3. A pledge of goods or chattels by a debtor to a creditor, as security for the debt.
MORTGAGE, mor'gage. To grant an estate in fee as security for money lent or contracted to be paid at a certain time, on condition that if the debt shall be discharged according to the contract, the grant shall be void, otherwise to remain in full force. It is customary to give a mortgage for securing the repayment of money lent, or the payment of the purchase money of an estate, or for any other debt.
1. To pledge to make liable to the payment of any debt or expenditure.
Already a portion of the entire capital of the nation is mortgaged for the support of drunkards.
Webster's Dictionary [2]
(1): ( 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.
(2): ( n.) State of being pledged; as, lands given in mortgage.
(3): ( v. t.) Hence: To pledge, either literally or figuratively; to make subject to a claim or obligation.
(4): ( 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.
Cyclopedia of Biblical, Theological and Ecclesiastical Literature [3]
( עָרִב , Arab', Nehemiah 5:3, To Pawn anything), a lien upon real estate for debt (Gesenius reads the passage, "we must pawn our houses"); in 1 Samuel 17:18 rendered " pledge," and in Proverbs 17:18 " surety," whence עָרָבוֹן , Arabon, "anything given as a pledge or promise" ( Genesis 38:17-18; Genesis 38:20). Gesenius thinks the word was probably introduced as a commercial term, from the Hebrew or Phoenician language, into the Greek and Latin, as Ἀῤῥαβών , and Arrhabo, in the signification of Earnest, or purchase-money. (See Loan).
International Standard Bible Encyclopedia [4]
môr´gā́j ערב , ‛ārabh ): To give or be security as a part of bartering, give pledges, become surety. In time of great need for food, "Some also there were that said, We are mortgaging (the King James Version "have mortgaged") our fields," etc. Nehemiah 5:3 . See Surety .
The Nuttall Encyclopedia [5]
A deed conveying property to a creditor as security for the payment of a debt, the person to whom it is given being called the Mortgagee.
