equitable mortgage

equitable mortgage
equitable mortgage equitable mortgage mortgage1

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equitable mortgage UK US noun [C] PROPERTY, LAW
a mortgage that does not satisfy all the conditions of a legal mortgage, but means the lender must use a court of law to get possession of the property if the loan is not paid back
Compare LEGAL MORTGAGE(Cf. ↑legal mortgage)

Financial and business terms. 2012.

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  • Mortgage Law — Types of mortgage Under the Law of Property Act (1925), which governs mortgage regulations in the UK, there are two types of mortgage, legal and equitable. A legal mortgage confers a legal estate on the mortgagee (lender). Under the 1925 Act, the …   Big dictionary of business and management

  • Mortgage — A mortgage is the pledging of a property to a lender as a security for a mortgage loan. While a mortgage in itself is not a debt, it is evidence of a debt. It is a transfer of an interest in land, from the owner to the mortgage lender, on the… …   Wikipedia

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