purchase-money mortgage

purchase-money mortgage

A mortgage that a buyer gives the seller, when the property is conveyed, to secure the unpaid balance of the purchase price. ¡ª Abbr. PMM. See SECURITY AGREEMENT. [Cases: Mortgages 1, 115. C.J.S. Mortgages ¡ì¡ì 2¨C6, 151.]
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