MORTGAGEE

MORTGAGEE

mortgagee (mor-g[schwa]-jee). One to whom property is mortgaged; the mortgage creditor, or lender.

¡ª Also termed mortgage-holder. [Cases: Mortgages 23. C.J.S. Mortgages ¡ì¡ì 73¨C75, 77.]

mortgagee in possession. A mortgagee who takes control of mortgaged land by agreement with the mortgagor, usu. upon default of the loan secured by the mortgage. [Cases: Mortgages 187. C.J.S. Mortgages ¡ì¡ì 57, 288.]

MORTGAGEE CLAUSE

mortgagee clause. See MORTGAGE CLAUSE.


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